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
Very informative, friendly and helpful. Deiftantly would recommend him to friends
Jeff was very helpful and efficient in helping us secure our first mortgage. We are new to the real estate market and Jeff made the process simple and comfortable for us. He was quick to respond whenever we had any questions, and was reachable through text, email, and phone calls at all hours of the day. Highly recommend his services.
Jeff Evans did not stop until I got approved ..he tried so many lenders and most of them said no but Jeff never gave up !! He worked day and night constantly on my file. And finally someone said yes ...all because of Jeff's determination !! Being an immigrant and a single mother of four kids I never thought I'd be a house owner but my the grace of god Jeff was able to make my dream come true . I highly recommend this guy !!! Give him a try you'll never be disappointed . Thanks Jeff for all your hard work because it paid off !!!🙏🏽😊😄
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