Get Your HELOC (Home Equity Line of Credit) Mortgage Approved!
Unlock the Equity in Your Home with a HELOC.
A HELOC (Home Equity Lines of Credit) as it is mostly referred to as, is a Mortgage Loan registered against the Property in the form of revolving credit up to 65% of the Homes value (Line of Credit) and is a popular Home Financing option for Home Owners.
One reason why a HELOC (Home Equity Lines of Credit) is so popular is that allows the Home Owner to pull Money directly out of their Home and use it for almost anything at a low rate compared to normal lines of credit (Unsecured line of Credit).
HELOC (Home Equity Lines of Credit) can reach up to as high as $300k or higher if there is equity in property and if the Home Owner qualifies with their Income and Credit for the amount.
So How Does It Work?
Here is a quick scenario of how much HELOC (Home Equity Line of Credit) you could qualify for.
Home value is $1, 000,000 ($1Milion).
Existing Mortgage for $500k.
The maximum HELOC (Home Equity Line of Credit) $300k
Here is the explanation:
The maximum revolving portion can only be 65% of the homes value, since the value is $1Million that means that the HELOC (Home Equity Lines of Credit) can reach a maximum of $650k. But since there is already a mortgage of $500k and Banks only allow financing up to 80% of the homes value, $800k will the allowed total amount. So if we take $800k and minus the $500k existing mortgage, we get $300k for a maximum HELOC (Home Equity Lines of Credit) in this scenario. Please note just having equity in home is not the only qualification, although it is key qualification factor you will also need to have the proper income and credit score qualifications before you get approved.
I have helped many Clients Qualify for a HELOC (Home Equity Line of Credit) for many different reasons, but here are a few;
Money for Emergency:
You can draw funds as you need and don’t need to worry about getting another loan or waiting for an approval.
Purchase a Business:
You don’t need to get a Business loan approved, you can just draw the funds you need to pay for the purchasing the Business in cash.
Money for a Deposit on a Builder Home / Condominium:
You can take advantage of securing a Builder Home / Condominium by having the down payment or deposit readily available for you at anytime to withdraw.
Pay off or Consolidate High Interest Debt:
With funds available you can pay off or consolidate your high interest debts or consolidate. That means you can continue using your favour credit cards that get you reward points and cash back and then use your funds available to pay them off right away so you don’t get charged such high interest on the balance.
Home Renovations (Bathroom, Kitchen, Basement) or Home Repairs:
By having the funds ready to draw at any time you can start planning or actually get started on your Home Renovations (Bathroom, Kitchen, Basement) or Home Repairs.
Invest in Real Estate, or Other Investments:
You can take advantage of a great investment opportunity as long as you have the funds available. All you need to do is withdraw and make your purchase. A cottage, student rental or investing in real estate becomes a real possibility
You can use the funds to book a vacation and have money available for spending while you are on your vacation.
Buy a Car, Van, Truck , Boat or any Vehicle:
Use the funds to make a cash offer and you may be able to negotiate a better purchase price of the Car, Van, Truck , Boat or Vehicle you are buying. After all cash is king, and the funds are available instantly.
Multiple other reasons:
As long as you have the funds available you can use it for whatever reason you like.
If you are considering a HELOC (Home Equity Line of Credit), I have the Experience and Knowledge required to get you Approved. As a Toronto Mortgage Broker, I have many years of Experience in Approving Mortgages and I can Help you Unlock the Equity in your Home at a Low Rate with a Home Equity Loan or HELOC.