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Home Equity Line Of Credit

Get expert advice on financing for your home loan

Helping you achieve your dreams of home ownership

A home equity line of credit (HELOC) is a secured line of credit that allows homeowners to access equity in their home at anytime up to a set limit. These products can be wonderful if managed correctly, but potentially dangerous financial tools as it’s possible to go years without ever paying down the balance.

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What are the differences between a Home Equity Line of Credit and a mortgage?

    A HELOC is fully open and can be paid in full at anytime, whereas you will pay a penalty for breaking your closed fixed mortgage term early.
    With significantly lower interest rates, HELOCs can be more affordable than loans and credit cards.
    With a HELOC you pay interest every month, with a mortgage interest is only charged every 6 months.
    With a HELOC each time you pay down the balance you can utilize the funds again without having to go through the application process.
    As HELOC funds are available for immediate use, you can simply write a cheque for unexpected expenses.
    Most HELOC has interest only payments where a mortgage has monthly payments based on your amortization period.

These are only some of the differences between a mortgage and a Home Equity Line of Credit. It is important to explore all details of the products to ensure if they are right for you. If you can’t decide between the two, we now have access to combo products that have both options combined into one.

The Mortgage Group offers Mortgage Services to clients across Alberta, Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan and the surrounding areas. Ability to do mortgages all across Canada.

Helping you navigate the mortgage process with personalized solutions, expert advice, and a commitment to making homeownership stress-free and straightforward.

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I am part of the TMG The Mortgage Group — an award-winning Canadian mortgage brokerage with a national team of over 2000 qualified and accredited mortgage brokers, agents and associates providing residential and commercial mortgage services. Since 1990. TMG has helped over a quarter million Canadians get the best financing solutions and mortgage rates through Canadian mortgage lenders from coast to coast.


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Helping you navigate the mortgage process with personalized solutions, expert advice, and a commitment to making homeownership stress-free and straightforward.

QUICK LINKS

NEWSLETTER

Subscribe to receive our monthly newsletter and any mortgage news.

Subscribe now

I am part of the TMG The Mortgage Group — an award-winning Canadian mortgage brokerage with a national team of over 2000 qualified and accredited mortgage brokers, agents and associates providing residential and commercial mortgage services. Since 1990. TMG has helped over a quarter million Canadians get the best financing solutions and mortgage rates through Canadian mortgage lenders from coast to coast.


All rights Reserved