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Home Equity Line of Credit

Easy Applications for Home Equity Lines of Credit

When it comes to A home equity line of credit, qualifying isn’t always easy. Your chances of being approved for a line of credit are closely linked to your credit score. If your score is less than perfect, you’ve had a past bankruptcy or consumer proposal, it may be difficult to get a bank’s approval. Our team of experienced mortgage brokers have access to alternative lenders and will make it easier to get your home loan approved.

While there are many barriers to being approved for a home equity line of credit (HELOC), we have access to many lenders who value home equity over strict rules. Essentially, our lenders are willing to work with challenging situations such as low income, no income, bad or damaged credit. Our network can work with almost any situation because we know who to approach to get your deal approved.

As experts in home equity financing, our qualified brokers have decades of expertise to help you get an approval. At Mortgage Brokers Network, we’ll find the right lender for your borrowing needs.

We’ve Got Your HELOC Needs Covered

Your equity credit line doesn’t have to come from a bank. You’ve still got options, even if you’ve got concerns about applying or have been turned down by your bank because your credit score isn’t perfect. Our experts can also advise you in the many ways to improve your score so that you’ll qualify for a better interest rate.

Whatever you need your line of credit for, we’ve got you covered. Home equity lines of credit are flexible in how you use them. Once approved, you will get access to your funding and be able to continue to access your HELOC as needed. Common uses for an equity line of credit include:

  • Debt consolidation of high-interest credit cards and loans
  • Home renovations, upgrades and mandatory repair work
  • Education costs
  • Investing in a new business venture
  • Improving cash-flow during a cash-flow deficit due to lack of income, illness or job loss
  • Vacations, weddings, or any other family event that you need access to funds for

Use the funds however you need, our lenders will not impose restrictions on how you use your loan. If you need money for an emergency or any other purpose at all – we’ve got you covered.

The Benefits of an Equity Credit Line

First, it’s important to note that your bank offers two different types of credit lines – unsecured and secured. An equity credit line is a secured line of credit. In either case, your interest rate can be variable or fixed term

With a HELOC your home will be used as collateral and this is likely to help you achieve a lower interest rate than you would get if you applied for an unsecured loan or line of credit. A lower interest rate can also mean lower monthly payments. Lower interest rates, in addition to ease of use, are among the top benefits of a secured credit line. 

Second, flexibility is an important selling point. Home equity credit lines come with terms and conditions that are similar to a credit card agreement. You can even link your HELOC to your bank account for monitoring and convenience. The best part is, this form of revolving credit comes with an interest rate that most credit card companies cannot beat.

How Does a Home Equity Credit Line Work?

Home equity credit lines may be a bit harder to qualify for, especially in today’s lending economy. If approved, you’ll be advanced a credit limit just like any bank loan or credit card. You’ll have a limit and you’ll be able to draw funds up to that limit as you need to. You’ll have a minimum monthly payment arrangement to meet. As you pay down the balance you can use it again.

The best part about a home equity line of credit is that you only pay what you owe as well as only paying the monthly interest that has built up. You can pay as much as you want towards the principal owing at any time, you have the flexibility to make minimum payments or pay a large lump sum. Reducing the amount of interest that you pay overall can also help you become free of debt much faster.

The Mortgage Brokers Network Advantage

It can be tough borrowing money at a time when job loss, lay offs and economic uncertainty is common. For this reason, access to a credit line can help you make it through life’s rough patches.  The Mortgage Brokers Network understands how critical a HELOC can be and we’ve made great strides to make them available to borrowers who need them.

Whether you’ve recently become cash-strapped or have been struggling for awhile, finding the right home loan can make all of the difference. We can help you unlock your home equity with a much cheaper alternative to an unsecured loan. Our goal is to help our clients secure a flexible loan that is cost-effective. 

Home Equity Credit Lines – Why Choose the Mortgage Brokers Network?

We’ve been arranging Home Equity products for clients for decades and our clients are our priority.  We work diligently to secure the best rates with the most flexible terms.  If you are looking to consolidate high interest debt, renovate or just need a security net call the Mortgage Brokers Network.

Discover what decades of experience and our network can do for you, contact us today.

Find out why Canadians choose the Mortgage Brokers Network

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Term Posted Rate Our Rate Claim This Rate
Home Equity Line of Credit Prime +1% Prime +.50% Claim Rate
Fixed 1 Year 3.14% 2.09% Claim Rate
Fixed 2 Year 3.19% 1.99% Claim Rate
Fixed 3 Year 3.49% 2.24% Claim Rate
Fixed 4 Year 3.74% 2.29% Claim Rate
Fixed 5 Year 4.59% 2.44% Claim Rate
Variable 5 Year 5.80% 1.15% (prime -1.30%) Claim Rate
Fixed 10 Year 5.90% 2.99% Claim Rate