Home Equity Line Of Credit, HELOC, is a loan which you can secure against your equity in home.
- HELOC is a revolving line of credit
- The rate of interest is much lower
- The interest is charged on the amount you use
- Flexibility of withdrawing all or part of approved loan amount at your will
- To qualify for HELOC, you need to have minimum 35% equity in the home
- In HELOC you are entitled for maximum loan of up to 65% of appraised value of the home
Statistics show that a majority of Canadians have gained full advantage of Home Equity Line Of Credit, as it is available at lower interest rate and can be highly beneficial for renovating the home (the biggest of the factors for considering HELOC) or any other financial liability.
Flexible repayment – Pay Interest only amount
The unique feature of HELOC is that the consumer can make monthly payment equal to the interest only. If you are looking to pay off balance too, you can do that by paying larger amount. The credit line in HELOC has no ending date, so you can use it whenever and as long as you wish.
Use HELOC for a number of financial purpose
- Home renovations
- Buying a new car
- Paying for children’s education
- In certain critical conditions, like any medical expense, or some immediate repairing in home
- Pay off existing line of credit or second mortgage
- For investment property
Golden Financial – Helping you reap maximum benefits from your hard earned home equity
Our expert consultants will evaluate your home, your financial condition and existing mortgages to determine if home equity line of credit will be profitable for you. We help you thoroughly with complete process, handling all the paperwork and getting top lenders on board to provide you with lowest rate and suitable HELOC.