HELOC mortgages are a type of line of credit that is secured by a mortgage against your home. They are based on a variable rate, which fluctuates with the prime rate of the Bank of Canada, and the interest rate is typically higher than a variable rate mortgage. However, you don’t have to choose between them.
We have lenders who will give you the benefits of both. If you need to borrow money for the longer term, you can get a fixed or variable rate mortgage (or both at the same time!) and then for your short-term needs, we can add a HELOC to your mortgage. As you pay down fixed or variable rate mortgage, our lenders will typically add the amount of the mortgage you have paid off to your available HELOC balance.
The great thing about this is normally mortgage borrowers make a payment and then cannot ever get money back from the bank via a loan if they need the money for something. However, with a HELOC mortgage, you can!
Mortgages like a HELOC mortgage are a fairly specialized product and have certain rules, restrictions and limits. I always like to sit and discuss with clients considering HELOC mortgages to determine their requirements. Some people have been encouraged to get a large HELOC from mortgage agents at the bank but often it does not make sense as the cost savings to a variable rate are typically substantial. However, it is an individual matter and a financial review will be able to determine your suitability for this product.
As a mortgage broker, I have a wide variety of lenders and products to help you, including HELOC mortgages. Contact me today and we can work on a plan that fits your needs.
5 out of 5 stars
Jeff was amazing in supporting me all the way with patience, diligence, knowledge and availability. Being a dinosaur (old) I needed a lot of hand-holding and support. Time was of the very essence, and Jeff was willing to work over the weekend, which was the reason why I found Jeff in the first place. With Jeff's help, I got the best affordable mortgage and enjoy now a comfortable home with two great roof decks. Thankful Waltraud
Found Jeff on google and he is a really solid person for getting a Mortgage with. When I went through the process with him he made sure that everything was smooth and clear. He is also really responsive and takes care of the customers by offering options as opposed to ultimatums which I really like about him. Thanks for getting me my mortgage Jeff and I hope to more business with you in the future.
P.S. John Carlisle says hi as he is my lawyer or finishing the real estate purchase.
Jeff was very helpful and knowledgeable. He has helped me with two mortgage deals and both times were a good experience. Would definitely recommend Jeff.
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