According to a recent study by the Canadian Association of Mortgage Professionals (CAAMP), there is currently 9.52 million homeowners in Canada. Of those homeowners about 5.58 million have a mortgage on their property.
In Canada about 2.3 million homeowners also have a Home Equity Line of Credit (HELOC) and according to the 2013 CAAMP report about 11% of homeowners took out equity from their homes in the past year, with an average amount of $57,000.
What is a HELOC?
A Home Equity Line of Credit is essentially a revolving credit line where you can borrow up to the approved limit as necessary. It’s very similar to an unsecured line of credit or credit card except the HELOC is secured to your property. This allows you to obtain a better interest rate on your HELOC than with unsecured lines of credit.
What can I use a HELOC for?
Once you have a HELOC setup you can use it for anything! The top uses of HELOC funds are debt consolidation, investments, home renovations or repairs, and education. Some people even keep a HELOC available for emergencies just in case. Could a HELOC solve some of your financial concerns?
How can I get a HELOC?
Applying for a HELOC is the same as for a regular mortgage. Simply fill in the form below and we’ll be in touch to discuss if a HELOC would fit your financial needs.
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