Home Line of Credit

The Home Line of Credit (HELOC) is fully open for pre-payment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, a child's education or debt consolidation. You can borrow as much as you need, up to your available credit limit and for the first 5 or 10 years you can choose to pay as little as interest only.

A HELOC is a simple interest only payment on a line of credit that is re-useable once it is paid down. A line of credit may only be used on a principle residence property and there must have be minimum of 25% equity in their home, however, some lenders will do a HELOC up to 90% loan to value (LTV) but an insurance premium may apply.

You can enjoy your money now and not have to wait until you sell your home. The secured line of credit is normally based on the prime rate and can be used for any purpose. It is easy to use, access, and best of all, convenient.

If this product interests you, or to learn more about a HELOC, contact an agent, or apply online.

Unlike many other mortgages, your HELOC can be paid off at any time without notice or penalty. Or make a lump sum payment or an additional monthly payment by simply calling the lender who holds your Home Line of Credit.

Interest only, re-usable,
secured by your equity.

There is also the option of doing the fixed rate portion and the remaining as a home line of credit. The line of credit portion functions similar to a regular line of credit, fluctuating with the Prime Rate. As the fixed portion of the mortgage is paid down, more funds become available to the line of credit, and since it is fully open, it can be paid off at any time.