Line of Credit
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Home equity line of credit
Many homeowners would like to have access to home equity line of credit. Being able to draw money from equity of your house is a great feature. At the same time, if you need to refinance your house or get a second mortgage, it may become costly option, due to fees and penalties.
That is where Home Equity Line of Credit allows easy low interest rate borrowing without costly fees. HELOC allows you to tap into your equity.
Under existing mortgage rules, you can only access 65% of the value of your home using home equity line of credit. Said that, we are able to provide our client with a HELOC up to 80 % of the value. Interest rates charged by our lenders the similar as any other banking institution and sometimes lower.
Keep in mind, once line of credit approved, the balance does not change without new re-qualification. Therefore, if you are interested to have a mortgage product that automatically allows accessing equity that you created by paying down your mortgage; you should look at Re-advanceable mortgage option.
To receive proper mortgage advice and a pre-approval Contact Us today. We are always happy to help.