Home Equity Line of Credit (HELOC)

Do you want to secure a line of credit? If yes, Sandhu & Sran Mortgages can help you out by helping releasing equity from your home that can be used for any purpose. 

A HELOC or Home Equity Line of Credit in Surrey refers to the process of using equity in your home to get a secured line of credit. As it is attached to your bank account, the credit amount goes directly into your bank. Any payment can be made using cash withdrawal, debit card or cheque. 

HELOC attracts low interest rate and is a secure funding option for home upgrades or debt consolidation without breaking the bank.

    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.

    Get Started With Your Online Application Today!

    Don’t put off your dream home or property any longer! Get pre-approval for a mortgage today!

    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.

    Apply A HELOC With Our Mortgage Brokers

    A potential homeowner can save thousands of dollars with a lower rate for a HELOC. At Sandhu & Sran Mortgages, our expert brokers can save you big while you use the money for your necessity. We will outline your equity options and get in touch with our network of lenders to find your best rate and line of credit.

    Leave all your HELOC worries on us, right from application filing to paperwork and approval. Whether you are our loyal client or are working with us for the first time, expect nothing but the best home equity line of credit service.