Home Equity Line of Credit

Use the cash in your property with a line of credit.

Is this for me?

If you are a homeowner and have equity in your home.

What is it for?

Providing a secured line of credit, using your home as collateral, which means you can borrow from it as you need to and pay it back to make more room available.


When to consider a HELOC

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.

How a HELOC works

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.


Best and lowest HELOC interest rates

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.


Think A HELOC Might Be The Ideal Loan For You?

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.