Home Equity Line of Credit
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Home Equity Line of Credit - HELOC
A flexible borrowing choice supported by the equity in your home is a Home Equity Line of Credit (HELOC). A HELOC gives a revolving line of credit that may be accessed over a predetermined time, typically 5 to 10 years, similar to a second mortgage. During this draw phase, monthly payments often simply cover the interest. Interest rates may fluctuate since they are frequently erratic and linked to indices like the prime rate. Following the draw period, a 10- to 20-year repayment phase in which you pay both principal and interest begins.
Although a HELOC offers flexibility for needs like home upgrades, schooling, or emergencies, it also has risks because your home is used as collateral and there is a chance that interest rates will increase. Before choosing a HELOC, it is crucial to carefully assess your financial status and borrowing goals.
About Our Home Equity Line of Credit
A Cashin Mortgages HELOC is financed by private equity, and as such is not subject to the scrutiny of the big banks. We offer fast same-day access to funds making HELOCs good for home renovations, Fix’n’Flip, investments, debt consolidation, BRRR, and provides flexibility just like a traditional HELOC.
- Rates: 1st Mortgages
- Starting At 8.99%
- With 3% Lender Fee (Min. $3,000.00)
Only pay interest on the money you use.
- 1st or 2nd & 3rd Position Charge on a property (can use multiple properties)
- All of Ontario covered
- Residential only (Must be marketable properties)
- Fully OPEN Home Equity Line of Credit (HELOC)
- No Minimum Balance to Carry
- No 3 months interest penalty to discharge early
- Credit Limit of 35k to $2,000,000
- AVOID Costly Private Money Renewal Fees!
- 1-5 year terms. Renewal fees applicable at the end of the term.
- 75% LTV on appraised value. (80% on a case by case basis)
- Appraisal required in most cases from our Approved Appraisers List
- Equity Lender – No Income & No Credit Required
- $500.00 Annual administration fee
- 1,250 for Lender Legals (single property) + Borrower’s ILA fees
- Once in place, funding requests received by 12:00pm will be funded the same business day. After 12:01 pm will be funded next business day
- Full Borrower Portal to pull statements, history, etc
- FAST Approvals 1-4 hours once documentation is received
- FAST Funding available within 2-5 business days from a Complete File
Simple Paperwork Easy as:
- Application
- Current Mortgage Statement – Showing Balance owing
- Property Tax Bill (Any outstanding Property Tax Liability)
- Notice of Assessment (NOA) from the Government of Canada, indicating any outstanding CRA liability
What is a Home Equity Line of Credit?
A Home Equity Line of Credit, or HELOC, is a revolving line of credit that lets homeowners access funds based on the equity in their home. It works similarly to a credit card, where you can borrow and repay funds as needed.
What does a Home Equity Line of Credit Work?
A Home Equity Line of Credit is a revolving line of credit tied to your home’s equity. You can draw funds as needed, up to your approved credit limit, and you only pay interest on the amount you borrow. The interest rate is often variable and can change with market conditions.
What is Home Equity, and how is it calculated?
Using your Home Equity
Do you wish to buy a new house but don’t have the necessary funds? If you have equity, the options for this may become more available. However, there are a few factors to consider when buying a second house with equity from your current property.
Unlock financial possibilities with HELOC
Get Started Today!
