Uses of HELOC
No matter how much equity you get on your property, you can use this line of credit for any purpose you want. In most cases, homeowners use their equity line of credit in Surrey for major investments or to close their debt. Some of the other uses of HELOC includes:
- Furniture or appliances
- Investment opportunities
- Secondary or higher education
- Debt consolidation
- Unforeseen expenses
- Repairs or renovations
- Mortgage down payment
- Business investment
When it comes to first home buyers, only a few of them that meet the eligibility criteria can right away apply for a HELOC.
How Much Home Equity Can You Access?
Depending on your property size, your mortgage line of credit in Surrey can be finalized by our expert brokers. Upon successful approval, a homeowner may be able to borrow:
- Maximum of 80% of the market value or purchase price of home with current mortgage
- Maximum of 65% of the market value or purchase price of home as a stand alone HELOC
- Refinance or re-qualification may be required
HELOC is often short-term and needs to be paid back, either through payments, lump sum or by the sale of your home. Our HELOC options are available at a variable interest rate and the payments will increase or decrease with the changes in prime rate.