A home equity line of credit can be a great option when you are making a big purchase or have large upcoming expenses. Why not use the equity in your home at a low rate? A home equity loan is based on Prime lending rate and it is much lower than a personal line of credit.
This can be used to purchase a recreational property or even a property outside of Canada. It’s a great alternative to using other institutions who can charge higher rates/fees. You can access up to 80% of the value in your home. The process is similar to getting a mortgage. The lender will want to verify income and the value of the home.
Reach out anytime to discuss getting a home equity line of credit.