Home Equity Line Of Credit (HELOC)
Use the equity in your home to get a secured line of credit today! With a Home Equity Line of Credit (HELOC), the available equity in your home can be used for any purpose. The HELOC is attached to a chequing account for easy access. You will also be assigned a debit card.
With a home equity line of credit, the entire credit available is not advanced upfront. Rather, you can you use as much or as little of the HELOC as you choose, and you only pay interest on the used balance. Interest is calculated daily at a variable rate attached to Prime.
You will only need to pay the interest on your outstanding balance and that amount is automatically taken out of your bank account on the same day each month. It is fully open and you can pay off the balance in full or make extra payments at any time.
HELOC’s are a great way to use your home equity for investments, pay off higher interest debt or any of life’s luxuries or unexpected challenges.
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