Home Equity Line Of Credit in Toronto. ON (HELOC)
The most popular alternative to credit cards for home owners. With this credit line, access funds when needed. Draws made from the HELOC are repaid by regular monthly payments, just the same as with a credit card but at a considerably lower interest rate.
Low Interest Borrowing
Because the line of credit is secured against the value of your home, a HELOC offers extremely competitive interest rates – usually close to first mortgages rates. Compared to unsecured borrowing sources, like credit cards, far less in interest fees are payable for the same loan amount with a HELOC.
Money When You Need It
A HELOC allows you to borrow against your credit line at a later date without having to apply for a new loan. In that way, it’s a nice emergency source of funds. Interest is paid only on the balance drawn from the credit line (like a credit card).