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SMART MONEY

Access your equity anytime

A home equity line of credit (HELOC) is a line of credit secured against your home for a pre-determined limit, similar to how credit cards work, but at much lower interest rates.

Common questions from clients on HELOCs:

1
How do HELOCs work?
HELOCs work like credit cards, but since the line of credit is secured, credit limits are higher and rates are lower. Some HELOCs have physical cards whereas others can be accessed online or via email.
2
Any credit or income requirements?
Getting a HELOC with damaged credit is possible depending on your income and available equity. Pricing is better and more options are available with good credit.
3
Are personal lines of credit better?
Personal LOCs are not secured against real property, so they are usually smaller, more expensive, and harder to get.
4
What are your HELOC rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. Rates for HELOC in 1st position start at P+0.50% and in 2nd at 7.49%.
5
What are my next steps?
Call us or apply online. We'll show you how much you can save and what you might qualify for, collect some documents, and present the best options on the market.

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Approved HELOC with $150,000in credit limit
Monthly payment Interest onlyon balance used

Case Study: $150K Approved

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.