A Home Equity Line of Credit or HELOC is one of the best ways to borrow money.  By using the equity you've built up in your home, you can borrow money at a low interest rate. Once your HELOC has been approved you can use the available credit at any time, without having to reapply.

 

The advantages of a home equity line of credit include:

 

• Available credit which can be used at any time.

• Like a credit card but at lower interest rates.

• More flexible than a personal loan or second mortgage.

• Payments are based on the amount of credit you’ve utilized.

• Use your HELOC available credit for what you want:

  • Pay off high-interest credit cards or loans

  • Pay off a vehicle loan

  • Give yourself a Renovation Loan – Remodel your property; new kitchen, new bathroom; landscaping, new flooring, finished basement.

  • Take care of unexpected costs

  • Consolidate Debt and you’ll save money with a much lower interest rate.  

  • Pay for tuition

  • Go on a Holiday

What is the maximum amount you can borrow with a HELOC?

 

The maximum amount you can borrow depends on how much equity you have in your home.  In other words, the difference between what your home is worth and the amount you own on your mortgage. The combined value of the home equity line of credit and mortgage cannot exceed 80% of the home's value, and a home equity loan of credit cannot exceed 65 percent of the home's value. 

 

How easy is it to get a HELOC?

 

Getting approved for a HELOC is straightforward; Creditlinx will help you with your application.  

 

What are the rates and terms of a HELOC?

 

The rates and terms of a HELOC, will vary depending on the lender.  Creditlinx works with a variety of lenders who can approve your application quickly at amazing rates.

 

Is it better to get a HELOC or Refinance your existing mortgage?

 

Many homeowners choose a HELOC because of its flexibility, which lets borrowers to tap their home's equity at any time. Creditlinx will however review the terms of your existing mortgage (interest rate and penalties), your current income/credit score situation, and current interest rates.  Based on that review we’ll determine the most effective way for you to take out equity from your home.

 

Bottom line is we’ll find the best solution for your unique situation, which could be:

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•    A Home Equity Line of Credit

•    Refinancing your Current Mortgage

•    A Second Mortgage

•    A Home Equity Loan