USE THE CASH IN YOUR PROPERTY WITH A LINE OF CREDIT.
A HELOC is a Home Equity Line of Credit. And it’s just as it sounds: a line of credit secured against your property designed to give you cash in the form of equity you’ve accumulated. It’s a great form of financing if you want to consolidate your debt, make a new investment, take a vacation, reno your home or even pay for your child’s education.
If you own your property free and clear, your HELOC might be the only loan against your home. On the other hand, if you already have a traditional first mortgage and you’ve built up equity in your home, a lender can approve you for a HELOC in second position.
Just like a personal line of credit, you can freely draw on the funds in your HELOC up to the total amount you’ve been approved for. You’re required to repay only the money you actually use.
Interest rates for HELOCs have always been lower than those for credit cards or personal lines of credit because they are secured against a property. And now, that is truer than ever before, making monthly payments historically low. 8Twelve Mortgage has solidified relationships with top Canadian lenders so we can offer you the best HELOC rates in Ontario and Canada.
You are free to use your HELOC for any purpose – debts, urgent healthcare, vacations, renovations, repairs, furnishings…you name it! This provides you with tremendous financial flexibility in your life.
One of the most attractive features of a HELOC is its “open” loan status. While many traditional mortgages follow a preset payment schedule and only accept large lump sums in particular stages and amounts, a HELOC is a home equity refinance loan you can draw from and pay down whenever and however you want. Pull it all out and pay it all off just as quickly.
You want to access the equity in your home to fulfill your financial plans and goals.
Maybe you want to make a new investment, take a vacation, renovate your home, pay for your child’s education or consolidate your debts. A HELOC is an extremely flexible loan that lets you pull out and pay back as you please.
Clicking the link below! Or, feel free to contact 8Twelve directly to have a conversation about your financing so we can help you determine whether or not this is the best type of loan for you. If it is, you’ll enjoy our efficient and seamless process from start to finish.