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.
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