Home Equity Line of Credit (HELOC)
A revolving line of credit secured by your home. Draw when you need funds and pay interest only on what you use. Great for renovations, investments, or as a safety net—you have access to funds without taking a lump sum upfront.
HELOCs typically have variable rates and flexible repayment. We’ll help you understand your limit, rate, and how to use it wisely. Call us for a quote and to compare a HELOC with a home equity loan.
Call us: +1 (905) 232-1259
How a HELOC works
A HELOC gives you a credit limit based on your home’s equity. You can draw from it when you need money, up to that limit. You pay interest only on the amount you’ve drawn, not on the full line. As you repay, that amount becomes available to borrow again—so it works like a revolving credit line.
HELOCs usually have variable rates that move with the lender’s prime rate. There may be a draw period (when you can borrow) and a repayment period (when you must pay down the balance). We’ll explain the terms and help you decide if a HELOC fits your goals.
Who is a HELOC for?
A HELOC suits homeowners who want flexible access to funds over time—for example, ongoing renovations, investment opportunities, or a backup source of funds. It’s useful when you don’t need a lump sum all at once and are comfortable with variable-rate interest. We can compare a HELOC to a home equity loan so you choose the right product.
Things to consider
Because a HELOC is secured by your home, missed payments can put your property at risk. It’s important to use it responsibly and budget for interest and principal payments. We’ll walk you through the terms, including any fees (e.g. annual, early closure) so you have a full picture before you commit.
Get your HELOC quote
Call us to see your rate and how much you could access.
Call us: +1 (905) 232-1259