Frequently Asked Questions
Most HELOC’s come with a visa card and cheque book. Both are connected to the same account and can be used to make payments or draw from the HELOC. The rates on HELOC’s are significantly lower that credit card companies which is why more and more people are finding a HELOC a more suitable option.
- Can you afford the worst-case-scenario payment, or the one at the highest interest rate possible?
- Will you be tempted to use the money carelessly?
- What is your plan to pay off the debt? What are the terms and interest rates?
- Does this suit my long and short term needs?