home equity line of credit

Let the equity you've built up in your home work for you. Open up a Home Equity Line of Credit through Canadalend.com.

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Terms & Conditions

I / We hereby certify that the information given in the mortgage application form is true and correct and I / We understand that it is being used to determine my/our credit responsibilities. CanadaLend Inc. is authorized to obtain any information they may require for these purposes from other sources (including, for example, credit bureau) and each such source is hereby authorized to provide them with such information.

I / We also understand that the information given in the mortgage application form as well as other information obtained in relation to my credit history may be disclosed to potential mortgage lenders, financial intermediary and mortgage in relation to insurers, organizations providing technological or other support services required this application and any other parties with whom I / We propose to have a financial relationship.

SEE THE GREAT THINGS OUR CLIENTS SAY ABOUT US:

Take control of your finances with a Home Equity Line of Credit.

Get a HELOC that fits your needs with Canadalend.

A Home Equity Line of Credit, or HELOC as it’s known, allows you to borrow up to a certain amount of the appraised value of your home at low mortgage interest rates. You can borrow as much, or as little, as you need and only pay interest on what you use. 

As you pay down the principal on your mortgage over time, the line of credit limit increases, giving you access to more of your money. This can create breathing room to accommodate emergency expenses, credit management ,or even home renovations.

A HELOC can be used in addition to your mortgage or as a stand-alone product. That means you can refinance your home by using a HELOC; with the remaining balance being paid as a fixed-term mortgage!

It’s that flexible!

Breaking Down The Home Equity Line of Credit

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A home equity line of credit and credit card are very similar in some ways but there are distinct advantages by choosing to secure a HELOC. 

For example, you get a much better interest rate coupled with a flexible repayment schedule and fixed spending limit (based on home equity). 

Some of the benefits of a HELOC that homeowners find most attractive are:

  • Predetermined spending limits
  • Easy access to available credit
  • Lower interest rates than other types of credit
  • Only pay interest on what you borrow
  • Zero time-based limitations
  • Ability to pay off bills at lower interest rates
  • Rates are negotiable based on your situation


Why opt for a Home Equity Line of Credit?

A home equity line of credit gives homeowners the freedom to spend their money when they like and repay it in a way that best
 suits their financial needs. It is the ideal choice for homeowners who need continuous access to equity on their own terms. 

Not only is the repayment schedule flexible, but the interest rate you pay on a home equity loan, while higher than that of a first mortgage, is drastically lower than what you’d pay on a credit card or other consumer loans.


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