Home Equity Lines of Credit

What is a Home Equity Line of Credit?

The Home Equity Line of Credit provides ready access to low cost funds to those who have significant equity in their home. The ability to instantaneously access these funds may serve as a security blanket when dealing with unexpected expenses.  

The Home Equity Line of Credit (HELC) is secured by a collateral mortgage on the home. The minimum payment can be as little as interest only and advances may be paid off at any time without penalty.

People set up a HELC for many different reasons: to pay for small renovations, to purchase a new vehicle, to pay for their children's education, to purchase a boat, to make a down payment to purchase a second property, or even for bridge financing when needed for a longer time.

Features and Benefits

  • Gives you access to a larger line of credit limit
  • Accessible for as long as you own your home
  • Lower interest rate than a Personal Line of Credit
  • No need to apply a second time, once you have it set up, you can use it as you wish
  • Accessible by cheque, brand withdrawal, bill payment and Interac eTransfer
For more information, email us at lending@estoniancu.com.

 

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