Equity Line of Credit
A flexible, revolving credit facility backed by your home - borrow what you need, when you need it, and pay interest only on what you use.
A Home Equity Line of Credit (HELOC) is a loan secured against your property, either in first or second position. The HELOC comes with a set credit limit determined by your credit, the equity in your home, and your income. Depending on the institution, HELOCs come with both fixed and variable rates. It is one of the most flexible and cost-effective borrowing tools available to homeowners, and DC Home Mortgages can help you set one up quickly with a competitive rate.
Key Benefits
We Know Who Can Help
It is our job to stay up to date with all lenders and their products. Unlike a branch rep who only knows their own products, we know who will give you the best rate.
Pay Interest Only on What You Use
Your credit limit is available when you need it - you only pay interest on the amount drawn.
Reusable Revolving Credit
As you pay down your balance, your available credit replenishes automatically - use it again whenever you need it.
Lower Rates Than Unsecured Credit
Because your home secures the credit, rates are far lower than credit cards or personal loans.
How It Works
- 1
Call us to discuss what you qualify for and how we can help - we review your equity, income, and credit.
- 2
We identify the best HELOC product from our lender network for your profile and goals.
- 3
Upon approval, your line of credit is established - draw funds as needed via your bank or credit facility.
- 4
Pay down the balance and redraw anytime - it is a revolving credit tool that works around your life.
Frequently Asked Questions
How do I use my Home Equity Line of Credit?
Most HELOCs come with a Visa card and chequebook, both connected to the same account and usable to make payments or draw from the HELOC. The rates on HELOCs are significantly lower than credit cards, which is why more and more people are finding a HELOC a more suitable option.
Who qualifies for a Home Equity Line of Credit?
Lenders that offer HELOCs look at three things: equity, credit, and income. However, all lenders have different requirements - which is why working with DC Home Mortgages gives you access to the full market rather than just one institution's criteria.
What questions should I ask before getting a HELOC?
Key questions to consider: Can you afford the worst-case-scenario payment at the highest possible interest rate? 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 your short and long-term needs? We will walk through all of this with you during your consultation.
Why use DC Home Mortgages instead of going directly to my bank?
Most clients trust that their bank is giving them the best rate - at DC Home Mortgages we KNOW who is giving the best rate available for you. We shop across our entire lender network so you are not limited to one institution's products.
Get a Free Quote
Tell us your situation and we'll find the best option for you.