A HELOC (home equity line of credit) is an alternative way to borrow. With a HELOC, your home’s equity becomes collateral to provide you with a supply of credit. You decide how much credit you need, when you need it, then repay it when you can. There is never a penalty to pay off your balance.
A HELOC is flexible the way a loan isn’t. Once approved, a line of credit can be accessed any time, for any amount up to your limit. With a loan, you need to re-apply every time you want more funds.
HELOCs have low interest rates (as low as Prime Rate +0.50%), making them less costly than credit cards and personal loans.
Butlermortgage.ca has access to more than 45 Canadian lenders who offer a wide range of home equity products for all types of borrowers.
First Position uninsured HELOCs up to 80% of your Home Value
Second Position Equity Lines of Credit up to 80% on Home Value
A HELOC is an essential asset for today’s homeowner – you are only charged interest on the amount you use, not your available balance. The majority of HELOC’s include interest-only payments and you can pay any amount towards your balance penalty free.
Here’s how a home equity loan can work for you:
Once you complete the form, we'll call you to discuss your goals. We'll ask a few questions, go over any questions you have, then provide you with a few no obligation quotes tailored to your scenario
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COVID-19 Update: We're here for you. These are uncertain times but one thing that is certain is our commitment to you. As an online business, we're set up to help you remotely so you can still take care of your mortgage decisions.
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