Home Equity Line of Credit (HELOC)

HELOC is a secured revolving line of credit obtained from a lender by keeping your existing home as collateral. It enables you to borrow money by making use of the equity in your home. HELOC can be compared to a credit card. In HELOC, there is a fixed spending limit that you can utilize anytime. You can pay-off the amount that you have utilized in full and again reuse the funds without the need to apply for another loan.

For example, if the bank allows you to borrow a sum of $ 500,000, and you utilize only $ 200,000, you will have to pay interest for only $ 200,000 which you have used. You can use the money as and when you require it, just like a credit card. If you are looking to get a Home Equity Line of Credit, Ramanjit Singh can assist you for the same. The experts at Ramanjit Singh review your HELOC mortgage options and find the best possible solution for you.

Why choose Ramanjit Singh for HELOC?

Ramanjit Singh is one of the most trusted and reliable Mortgage Agents in Ontario and other provinces and cities in Canada.
Ramanjit Singh just does not provide advice. From filling up the HELOC application form to submission of documents to the lender, we take care of everything.
The guidance and quotes by Ramanjit Singh are free and there is no obligation on you. You can make an informed choice before choosing us as your Mortgage Agent.
The mortgage advisors at Ramanjit Singh remain up to date with the latest criteria in mortgage lending and the latest offerings by lenders as well.
With Ramanjit Singh, there are no hidden fees or charges. We don’t charge any upfront fees for the advice and mortgage quotes.
As a broker, Ramanjit Singh specializes in HELOC. We negotiate on behalf of you with the lenders and save your valuable time.

Are there any limitations to the amount of money you can borrow in HELOC?

Yes, there is a limit to the amount of money you can borrow in HELOC. The total value of HELOC cannot be more than 65 percent of your property’s (home) value. Also, as per the financial regulations in Canada, the HELOC + any other mortgage (combined) cannot exceed 80 percent of your total home value.

Why should you go in for a HELOC mortgage?

It is a completely flexible open-ended loan. You can utilize the funds according to your needs. It is an effective means to consolidate your high-interest debts. You get to clear off the amount that you have utilized every month, and can borrow the paid amount again. You are only required to pay interest on the money that you use from the sanctioned limit. If you have any emergency expenses, you can easily utilize the HELOC for it.

What is the interest rate offered on HELOC?

The interest rate offered by lenders on HELOC is much less than a traditional mortgage loan. In addition to lower interest rates, an HELOC offers a flexible repayment schedule as well. The interest rate offered differs from one lender to another. It is determined mainly by the existing value of your property and any previous loans.

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