HOME EQUITY LINE OF CREDIT

Home Equity Line of Credit

With a Home Equity Line of Credit you can use the equity in your home to give you the financial freedom you require to make those necessary home renovations, do some well-deserved travelling, pay off high-interest debts, or for whatever lifestyle goals you may have in mind.

Advantages of a credit union HELOC

Because home equity loans and lines of credit are secured against the value of your home, lenders are willing to offer rates that are lower than for most other types of personal loans.
A home equity line of credit (HELOC) is a revolving source of potential funds, much like a credit card, that you use as you see fit with a variable interest rate. Access to other financial services

Key Features

24/7 online access

Withdraw funds, make payments and completely pay off your balance at any time.

A great rate

You can benefit from low interest-only minimum payments every month, based on the current prime rate.

Fixed Payback Plan

You can set automatic payments towards your principal and reduce your interest fees over time.

Always available, if you need it

You can repay it partially, completetly, and withdraw from it at any time without the need to re-apply, provide documents, or pay fees.

Frequently Asked Questions

Can you tap into your home equity without refinancing?

Yes, if you want to take advantage of the equity that you’ve built up but do not want to refinance, you can take out a HELOC or a home equity loan. A HELOC is a revolving line of credit while a home equity loan is, just that, a lump sum loan.

How much equity will I have after one year?

The amount of equity you’ll have after paying off your mortgage for one year depends on several factors. How large was your down payment? How large and how frequently are your payments? What percentage of your payments are going to interest vs. principle? Have you been able to make any prepayments? And finally, has the market value of your home gone up?

What do I need to qualify for a HELOC?

In order to get approved for a HELOC in Canada, you will typically need to meet the following criteria: a minimum of 20% equity built up, a low debt-to-income ratio, and a healthy credit history and score.

Will I need to have my house appraised to get a HELOC?

Yes. If you want to tap into your home equity using a HELOC or any other form of home equity loan product, you will need to have your house appraised. This will determine the value of your property and allow your lender to calculate how much you can borrow.

What Is Home Equity?

Home equity is the portion or percentage of your home that you actually own. Obviously, when you purchase a house, you are consider the owner. But, until your mortgage is paid off completely, your lender retains interest in the house. Home equity is built in two ways, as you pay off your mortgage and when the value of your house rises because of the real estate market.