80% Home Equity Line of Credit
We offer Home Equity Line of Credits (HELOC) up to 80% 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 as little as 20% down you can utilize a line of credit on your home. In the past clients had to put down 25%. 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.
80% Home Equity Line of Credit:
- LTV Maximum: Up to 80% 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 (20%): | $60,000.00 |
| HELOC (80%): | $240,000.00 |
| Total HELOC (92.25%): | $276,075.00 |
| Prime Rate: 3.0% | |
| Monthly Payment (interest only): | $596.28 |