Home Equity Line of Credit (HELOC)
Get a home equity line of credit to borrow from your equity at any time
Pay for unplanned expenses and repay your principal whenever you want. Interest is only charged on the balance you used. A home equity line of credit offers you flexibility for financing your renovations, making large purchases, and having access to funds for emergencies.
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Learning Centre
What is a home equity line of credit (HELOC)?
A home equity line of credit allows you to borrow against your home equity up to a pre-determined limit, similar to how credit cards work, but at much lower interest rates.
Benefits of a getting a HELOC with 360Lending
1
Maximum flexibility
Fully open term allows you to pay down the principal at any time and interest is only charged on the balance used.
2
Affordable monthly payments
Improve your cash flow with a significantly lower monthly payment compared to credit cards and personal loans. By consolidating your consumer debt, you can save up to 50% on interest payments.
3
Lower interest rates
HELOC interest rates will be higher than a first mortgage but much lower than credit cards and other consumer loans
Approved HELOC with $150,000in credit limit
Monthly payment Interest onlyon balance used
Case Study: HELOC for a Rainy Day
Paula and Daniel own a charming neighborhood restaurant in the suburbs of Mississauga and they are also expecting the birth of their first baby in the next few months.
While the restaurant is doing well financially, the food industry can be unpredictable, which is a challenge for the couple as their family is about to get bigger. Daniel also has plans to potentially renovate his restaurant and expand his business.
How 360Lending helped the couple secure a rainy day fund
Paula and Daniel built up a lot of equity in their $1,100,000 home in the past few years and they have a mortgage of $575,000 remaining.
We determined that a home equity line of credit was the most suitable product since the couple had no idea when or how they would use this money.
Our team used the restaurant's bank statements for the past 12 months and proof of business ownership to shop for a HELOC.
Results
Paula and Daniel had a significant amount of equity that they could access. Based on their credit and income, we helped them qualify for a HELOC with a credit limit of $150,000, which they can now borrow from to expand their business as well as for emergencies.
Find out how much you can borrow with a HELOC:
Fill in the fields and see how much you can save!
Ready to explore your options for a home equity line of credit?
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
T4s from the past 2 years & pay stubs (salaried or hourly)
Bank statements (self-employed or retired)
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