• Buying a Home?

    MyMortgage.ca offers a variety of mortgage options for home buyers. Regardless of your circumstances, we can usually find a mortgage to suit your needs.
    .
  • Need to Refinance? Let us help

    Don't let circcumstances prevent you from reaching your goals. MyMortgage.ca offers a number of mortgage products designed to suit your refinancing needs.
    .
  • Save Money on Mortgage Renewals

    Mortgage up for renewal? This is the ideal time to re-assess and re-examine your financial situation. Call us today.
    .

Home Equity Line of Credit 65% LTV (HELOC)

We offer Home Equity Line of Credits (HELOC) up to 65% LTV, so homeowners can enjoy access to additional funds with more flexibility and convenience. Lines of credits have become an innovative way to finance your home purchase. With 35% down you can utilize a line of credit on your home. In the past clients had to put down 20%. This new line of credit is fully open for repayment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, child’s education, or debt consolidation. You can borrow and pay back as much as you need, up to your credit limit, and pay interest only.

65% Home Equity Line of Credit:

  • LTV Maximum: Up to 65% Canada Wide

  • Terms: Interest only payments

  • Rate: Variable rate, floats based on Prime

Home Equity Line of Credit Example:

Purchase Price:

$300,000.00

Down Payment (35%):

$105,000.00

HELOC (65%):

$195,000.00

 

 

Prime Rate: 3.0%

 

Monthly Payment (interest only):

$484.48

 Current rates may differ from the example

 

  Return to Mortgage Solutions

.