Are you dreaming of a home improvement or renovation?
Whether it's a kitchen or bath reno, finishing your basement, or creating a backyard oasis with a new deck, pool, and grilling station, a Home Equity Line of Credit (HELOC) is a flexible borrowing option to realize your home reno wishlist.
A HELOC is an affordable and flexible way to borrow money using the equity and value you've built through owning a home and paying your mortgage.
Mainstreet offers a HELOC, as well as our Primeline HELOC, tied to your chequing account for your convenience.
What is home equity?
Home equity is the portion of your home that you've paid off. It's the difference between what the home is worth and how much is still owed on your mortgage.
How a HELOC works
A HELOC works like a credit card. You're given a maximum amount you can spend and you draw from that amount based on how much you need to spend at the time.
Why a HELOC?
Tapping into your home equity can be a convenient, low-cost and low-interest way to borrow funds to pay for home renovations or other borrowing needs in your life.
Here's a few things you can do with your HELOC
A Home Equity Line of Credit might be right for you if...
- You want to use the funds you've paid and invested in your home/mortgage (without breaking your mortgage and paying a penalty), or increasing your interest rate.
- You want to borrow at a low interest rate
- You have a plan in place to pay back the loan
Important things to consider with a HELOC
- Avoid tapping into your home equity for unnecessary personal expenses, like day-to-day spending, vacations, or shopping trips
- If you're going to take on any debt, you'll want to make sure you have a plan to pay it back
- Determine if your decision to borrow will help improve your finances in the long run
Mainstreet offers two personal HELOC product options for your convenience
Home Equity Line Of Credit
Primeline Home Equity Line Of Credit
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