Line of Credit

(Also known as Heloc)

Heloc is defined as Home Owner’s Equity line of credit.

A line of credit extended to a homeowner that uses the borrower’s home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion. Interest is charged on a predetermined variable rate, which is usually based on prevailing prime rates.

Once there is a balance owing on the loan, the homeowner can choose the repayment schedule as long as minimum interest payments are made monthly.

Most of my clients have switched over to a line of credit as opposed to a fixed term mortgage simply because of the convenience, extra cash available all the time at a moderate rate of interest, and one combined payment for all your debits including home loans.

Let me show you how I can save you thousands of dollars and help you pay off your mortgage years before you could have paid on a fixed term mortgage for 25 years or so.