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Mortgage News
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Home Equity Line of Credit (Heloc)
A home equity line of credit (HELOC) is a great solution for homeowners who are looking for flexible borrowing solutions but are reluctant to pay the higher interest rates that unsecured debt products offer.
Equity Loan
Tap into your unused home equity to
consolidate your debts,
renovate your home, and more!
We have all faced situations where a large sum of money is needed at a moment’s notice. Maybe your income stream varies from month to month, or you’re looking to borrow some money and repay it in a short while. A HELOC may be for you!
The certified mortgage brokers at CMI are experienced providers of a range of home equity products. We can assess your current circumstances and help you decide on the best way to make use of the equity in your home.
Home Equity Line of Credit vs. A Loan
A home equity loan is a great solution for funding projects where the amount of money needed is known ahead of time. You can get the money you need and get started on your project.
Unlike a loan, a credit line gives you the flexibility to borrow and repay as frequently as need be. With a loan you are borrowing a finite sum. If you suddenly need more money, you need to apply for a new loan. A home equity line of credit gives you a pool of credit. You can borrow small sums when you need to without reapplying each time.
HELOC vs. Credit Cards
If you are using credit cards or an unsecured line of credit to bridge your financial gaps, you are wasting your money!
A HELOC offers significantly lower interest rates than credit cards. You can transfer your high-interest debt to your lower-interest credit line and save considerable money in interest. With a home equity line of credit you are only charged interest payments on what you have borrowed, and you can access more money when you need it.
CMI HELOC Programs
Canadian Mortgages Inc. is a mortgage brokerage with expertise in home equity loans. We offer a wide range of HELOC options from our network of over 200 lenders. Programs include:
- 1st position equity LOC up to 75%
- 2nd position equity LOC up to 90%
- Combo 1st/2nd mortgage products up to 90%
- Fully open 1st mortgages with secured lines to 90%
- Self-Employed and poor credit equity lines to 85%
If you have good credit, we can finance up to 90% of your property’s value with little or no income verification.
Maximize the Potential in Your Home Equity
A home equity line of credit can help you finance major investments. It can also help you reduce the cost of borrowing by providing a low rate for debt consolidation. Contact CMI today for a free consultation to learn how a home equity line of credit can help you get your finances under control.
