Home Equity Line of Credit - HELOC
The Home Equity Line of Credit (HELOC) offers you a convenient way to unlock the equity that you have built up in your home and use those funds if and when you need them. The HELOC is a revolving line of credit that gives you access to up to 65% of the appraised value of your home.
Here’s an example how this might work: let’s say your home is worth $500,000. You have an existing 1st mortgage on it, with a balance of $250,000, which represents 50% of the appraised value. In this example, you would be able to get a HELOC of up to 15% of the value of your home (i.e. 65%-50%=15%), or $75,000.
Nice thing about a HELOC is if you don’t use it, you don’t have to make any monthly payments (unlike a Home Equity Loan).
Some of the features of our HELOCs:
- Funds accessible through debit, ABM, telephone, online banking and cheque
- Terms: Revolving
- Eligible properties: 1 – 2 units, owner occupied (primary residence)
- Payment frequencies: Monthly, interest only (pay more if you want)
- Loan amounts: $50,000 – $750,000 (BFS Stated Income: $50,000 – $350,000)