Line of Credit Secured and Unsecured
Secured Line of Credit
A Home Equity Line of Credit provides funds instantly for many purposes such as an investment property, renovations or other investments such as RRSP’s. Your Fort McMurray Mortgage Experts are here to help you out!! Call today for the best Fort McMurray Mortgage Rates for your new HELOC!!
The HELOC is secured against your Fort McMurray property, so the interest rate is much lower than an unsecured line of credit. We can get you with a Fort McMurray Mortgage Lender to ensure you are getting the best rate and explain the Mortgage Product!!
The HELOC is very attractive to investors or self employed individuals as the monthly payment required is very low (interest only). Clients that have a HELOC also have the added benefit of a fully open mortgage that can be paid down as much as they want at any time with no penalties. Also, you are able to re-draw the funds from the line of credit at any time up to the credit limit. It is similar to a unsecured line of credit or credit card with lower rates because it is secured against your home! You only pay interest on the utilized funds, not your credit limit. The interest is not compounded so if you borrow it short term it is a better option then a mortgage where it is compounded interest not simple interest. We are your Trusted Fort McMurray Mortgage Brokers give us a call today to get you in the best lowest rate product!!
You are able to borrow up to 65% of the value of your home from a HELOC. You keep the line of credit as long as you do not close it and you still own the home! So if you pay it off and need money quickly, all you need to do is write a cheque! You do not have to re-qualify later when you need the funds.
You can convert from a HELOC to a mortgage all you have to do is give your lender a call and request converting.
HELOC’s can be used to purchase a new principal residence or a rental property. If you already own your property, we can look at placing a HELOC on your existing property, so that you can use the equity that you have built however you like!
If you want to purchase a home but have no down payment, we have lots of options for our clients. The most common down payment is your own savings however if you do not have this you can get a gift from an immediate family member or we can get you a loan for the down payment which is called a flex down. This is like a zero down payment mortgage however no high mortgage rates and we set up the loan or line of credit separate from the mortgage so unsecured. This allows you to get into a home with the low interest rates offered to someone who saved there own down payment. The flex down or borrowed down payment is way better then any cash back mortgage as your mortgage rate will be low the lender can not charge you extra on the mortgage rate from a cash back mortgage they convinced you was the solution. Remember we are your transparent Fort McMurray mortgage brokers who work for you Not the Banks!
Contact your trusted Fort McMurray Mortgage Broker Jodi Whalen with Whalen Mortgages today to see if a HELOC is right for you!
Or if you want to get an unsecured loan or line of credit for your down payment to allow you to buy your new home. 780-715-7533