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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