Home Equity Line of Credit
in Vancouver

Tap into your home equity for low-interest access to funds.

HELOC Explained

A home equity line of credit (HELOC) is secured revolving credit line. When we say it's "secured," it means that your home serves as collateral for the loan, so if you fail to make payments, the lender has the right to take possession of your home. The term "revolving" means that you have access to a set credit limit but are not required to use it all at once. For example, you could borrow a portion of your limit for renovations and then borrow more in the future towards your child’s education. Think of a HELOC as a credit card with more favourable terms.

Payments for a HELOC are interest-only for the amount you use. You don’t pay for funds you don’t utilize. For example, if you have a $100,000 HELOC limit and decide to withdraw $20,000 for renovations, you’re only required to make interest-only payments on the $20,000. Like a credit card, you can pay off your HELOC balance at anytime with no restrictions.

You can combine a HELOC with your mortgage or you can get a stand alone HELOC. Choosing a mortgage + HELOC component is the most popular choice. You’ll be making regular principal + interest payments on your mortgage. As you pay down the principal balance of your mortgage, you’ll begin having access to a home equity line of credit. Your HELOC limit will increase after each regular mortgage payment, capped at 65% of your home appraised value.

HELOC vs Mortgage

These are a few key differences between a HELOC and a mortgage.

A HELOC give you convenient access to funds whenever you may need it, while a mortgage give you all the funds at once, even if you don’t need it.

A HELOC generally has higher rates compared to most conventional mortgages.

A HELOC is a variable rate, while a mortgage can have both variable and fixed rates

Minimum payments for a HELOC is interest-only, while for a mortgage it’s principal + interest

Why Should I Get a HELOC?

Here are a few common reasons why you may want to borrow low-cost money:

Home Renovations

Consolidate High-Interest Debt

Invest

Start a Business

Buy Additional Property

Buy a Car

Pay for Education

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Your mortgage matters more than
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Hi, I’m Gurnik Singh, your mortgage consultant. I understand the stress of finding the right mortgage. It sometimes feels like you’re looking for a needle in a haystack.

Wanting to help homeowners navigate these complexities is what ultimately led me to a career in Real Estate Finance. My passion for understanding each person’s unique needs and tailoring the perfect mortgage to fit their life is what drives me. We offer more than just a mortgage; we provide the necessary tools and knowledge to ensure you supported throughout the financial life of your mortgage.

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