Home Equity Line of Credit in Toronto
With the right discipline and professional guidance, a home equity line of credit, also known as HELOC, can be a secure borrowing tool with a lot of flexibility.
eMortgage Solutions can help you use your home equity to your advantage. A HELOC can be a great resource to have if you know how to use it responsibly. Our specialists will make sure you’re well-informed on the workings of an equity line of credit so that you may be smart about it.
If you’re interested in learning more, schedule a no-obligation consultation with our experts by calling (416) 258-0156. We’ll figure out whether a home line of credit is right for you.
What Is a Home Equity Line of Credit?
In the simplest terms, a home equity line of credit allows you to access the value of your home before you even sell it. It is a flexible borrowing tool that functions much like a credit card in the way that you can easily borrow money and pay it back without dealing with the constraints of a loan.
Is It Better to Get a Home Equity Loan or Line of Credit?
At eMortgage Solutions, we can assist you in figuring out whether a home equity loan or line of credit best suits your needs.
On the one hand, a home equity loan is when a lender grants you a set lump sum from the get-go: up to 80% of your home’s value. Home equity loan interest rates are fixed and cannot change after the fact. On the other hand, a HELOC gives you access to a revolving line of credit with minimal restrictions. The lender will set a credit limit, but otherwise, you may take from the line of credit as you wish.
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How Do I Get a Home Equity Line of Credit?
The first step is giving us a call. We’ll make sure you’re ready and set you up with the best line of credit rates in Toronto. To get approved, you’ll need:
- Proof of employment
- Stable, full-time income
- Good credit report
- 20% home equity or deposit
If you want to use your home equity, you must also provide proof of homeownership and all the necessary mortgage information, including current balance, loan term, and amortization period. A home valuation would also be required.
How Does a Home Equity Line of Credit Work?
Our specialists will fill you in on how a home equity line of credit works. Essentially, it is a secure and powerful borrowing tool, allowing you to access your home equity in the form of credit. Line of credit rates are often low-interest and highly flexible, and this comes with its pros and cons. It’s important to keep track of your HELOC and set a repayment schedule, so you don’t find yourself stuck.
Apply for a HELOC in Toronto
When you’re thinking of applying for a home equity line of credit, eMortgage Solutions can show you the ropes. A HELOC is not for everyone, but it can be an exceptional resource if used with caution and guidance.
To learn more, call us now at (416) 258-0156.