Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada
1-416-930-1225

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

Making your home work for you

HELOC

This is a very popular loan. This a special type of Line of Credit secured by the equity of your property. Usually while we pay our mortgage principle down we generate equity on the asset. While we draw on that equity in the form of a loan then the loan is secured by that equity. This is called Home Equity Line of Credit.

Normally the mortgages which allow HELOC are of a readvancable type. This means that the lender promises to pay a fixed amount of a sum on demand.

Say you have a mortgage of $50,000.00. Under normal terms you have to pay that off after the contract term. In readvancable mortgage – Say after a year you have paid down $3000.00 off principle. Then you can draw $3000.00 from that mortgage to your LOC.

Important things to know about HELOC


  • Money can be easily withdrawn
  • Drawn on money must be paid within the repayment time given in the contract
  • Daily variable rate interest
  • Interest on HELOC is not the same as in the mortgage
  • Low cost easy access
  • Tied to home value. In case home prices go down then the fund would dry up

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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