Home Equity Line of Credit in Oakville
Whether you’d like to make home improvements, or you’re looking to finance an investment property, eMortgage Solutions can assist you in finding the right home equity line of credit (HELOC) for your needs.
If you have any questions or concerns about the workings of a HELOC, we encourage you to reach out to our team at (416) 258-0156.
What Is a Home Equity Line of Credit?
A home equity line of credit allows you to borrow up to a specific amount of your home in the form of credit. It is one of the most flexible borrowing options there is, as there are no limitations on how many times you may take from it, only a fixed credit limit set by your lender. Like a mortgage, your home is pledged as collateral if you’re unable to pay your debts.
How Do I Get a Home Equity Line of Credit?
eMortgage Solutions is happy to help guide you through the complete HELOC application process. You must meet specific criteria to be eligible for one. These qualifications include:
- Proof of full-time employment
- Stable cash flow
- Adequate credit score
- Minimum 20% home equity
The simplest way to acquire a home line of credit is to go through professionals like us. We streamline the process by organizing your paperwork and helping you apply. We can also connect you with lenders offering the most competitive line of credit rates in Oakville. With us, home lines of credit are more accessible than ever before.
How Does a Home Equity Line of Credit Work?
When sharing your home equity and using your home as collateral, you must prove to the lender that you are, in fact, the owner of the house. You must provide:
- Proof of ownership
- Present mortgage balance
- Loan term and amortization period
- Home valuation assessment
Is It Better to Get a Home Equity Loan or Line of Credit?
When comparing a home equity loan and line of credit, you should look at the similarities and differences before choosing the one that is right for you.
Briefly, a home equity loan is a second mortgage. It is a lump-sum loan of up to 80% of your home’s value, and the interest rates of home equity loans are fixed from the beginning. A home equity line of credit is an adjustable borrowing tool. You may borrow less of your home’s equity overall, but you may take and repay as you go.
Our specialists will assess your financial situation and make a professional recommendation.
What Is a Home Equity Line of Credit vs. a Mortgage?
Used in combination, a HELOC and a mortgage can allow the average homeowner to harness the full potential of their home’s equity. The credit limit of your home equity line of credit increases as you gradually pay off your mortgage.
If you decide to use a HELOC instead of a mortgage, you can take advantage of flexible and open terms. With the right strategy, a HELOC can be a better funding alternative than a mortgage, especially for investment properties.
Oakville’s Best Line of Credit Rates
When it comes to finding the best HELOC for your personal financial needs, consult the experts at eMortgage Solutions. Get in touch with us now at (416) 258-0156.