HELOC or Home Equity Line of Credit Your home can help you realize your dreams.
- Homeowner Heloc is based on the idea that the equity in your home should be available to be accessed when you want or need it, for whatever you want or need it for – to purchase a second property or a new car, take that dream vacation or simply to take advantage of an opportunity as it comes up.
How Homeowner Heloc works.
- With one application, you can set up an account that allows you to access up to 80% of the value of your current home or a new home.
- As you pay off your home, your equity becomes automatically available to be accessed through your Homeowner Heloc account.
- There’s no need to refinance your mortgage or negotiate a new loan each time you need access to funds because Homeowner Heloc is ready when you are.
To open a Homeowner Heloc account, you either:
- need a 20% down payment if you are purchasing a home, or
- need to have at least 20% equity in your current home.
What can I use Homeowner Heloc for? Anything you want! Some of the ways our customers have used their Homeowner Heloc are:
- Purchase a second property
- Start a business
- Pay for a post-secondary education
- Pay for renovations
- Care for aging parents
- Buy a vehicle
- Contribute to an RRSP
- Consolidate debt
- Take a vacation
- Invest in the stock market
How do I know Homeowner Heloc is right for me? Our mortgage experts will discuss your individual needs and situation with you, and show you how you can make your home work harder for you with Homeowner Heloc. How do I access the funds (equity) available in my Homeowner Heloc account? You can use: - A Homeowner Heloc Card access card at point of purchase or at an ABM
- Cheques
- Online Banking
- Telephone Banking
- Cash advance at a branch
- debit card at an ABM
- Pre-authorized debits and credits
- Overdraft transfer arrangements
How often can I access the equity from my Homeowner Heloc account? You can access your funds up to your credit limit as often as you wish for as long as you own your home.
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