Services / Home Equity & Alternative / HELOC
A home equity line of credit (HELOC) works like a credit line secured by your home. You borrow what you need, when you need it, and pay interest only on what you use. We help you decide whether it's the right tool for your goals.
HELOC at a glance
Guide
Revolving limit
Combined with mortgage
Interest
Rate type
Figures are general guidelines; your options depend on your situation.
Clear communication at every step, so you always know what's happening next.
We estimate your home's value and available equity.
We review standalone and combined HELOC options.
We handle the appraisal and lender approval.
Draw funds when needed through online banking or cheques.
A few key points we'll walk through with you before you make any decisions.
The revolving HELOC portion can be up to 65% of your home's value. Combined with your mortgage, the total can reach 80%.
Most HELOCs have variable rates tied to prime, so payments can change when rates move.
Interest-only minimum payments are flexible, but the balance doesn't shrink unless you pay it down. We'll help you plan.
Don’t see your question here? Give us a call — we’re happy to talk it through.
It depends on how and when you'll use the money. HELOCs offer flexibility; refinances may offer lower fixed rates.
Yes. Many clients set one up as an emergency fund and only draw when needed. Some lenders charge setup costs.
Sometimes, but it usually has to be registered behind your mortgage. We'll show you the best setup.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.