416-571-0577
647-901-8213HELOC (2nd Mortgage)
The Benefits of
Heloc with Us
- Credit Limit: Based on the appraised value of your home and the remaining balance on your mortgage.
- Draw Period: This is typically 5 to 10 years, during which you can borrow from the line of credit, usually with interest-only payments.
- Repayment Period: After the draw period ends, you enter the repayment phase, where you must start paying off both principal and interest, typically for 10 to 20 years.
- Variable Interest Rate: HELOCs usually have variable rates, meaning the interest rate can change over time, often tied to a benchmark like the prime rate.
We assist individuals in discovering the perfect home they’ve always dreamed of.
Flexible funding at your fingertips. A Home Equity Line of Credit (HELOC) offers a convenient way to access funds when you need them most—whether it’s for home improvements, education costs, or unexpected expenses.
Is a HELOC Mortgage Right for You?
While a HELOC mortgage can be a great tool for accessing home equity, it’s important to evaluate whether it’s the best option for your financial situation. If you have significant equity in your home and a clear plan for how to use the funds, a HELOC could be an effective solution. However, because the loan is secured by your home, it comes with the risk of foreclosure if you fail to repay. Additionally, since most HELOCs have variable interest rates, your payments could increase over time if market interest rates rise. Carefully assess your ability to repay before committing to this type of loan.
