A Home Equity Line of Credit (HELOC) is an excellent alternative to a traditional mortgage for clients that are looking for more flexibility when financing their home and paying their mortgage at their own pace. It provides borrowers with an innovative and convenient product whereby a revolving line of credit and fixed term mortgage products are all under one credit limit. A HELOC lets you determine your own monthly payments - as low as interest only, or as much as you want. A HELOC is simply a revolving Line of Credit that allows you to use the equity in your home to borrow money. You may never need to apply for credit again because as your mortgage balance decreases, your available credit increases.
You can use your available credit to:
- Take a vacation
- Purchase a vehicle
- Pursue additional real estate and other investment opportunities
To find out how much you qualify for, please use the calculator below.
Credit Line Calculator (Canadian)Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.
Grant Mortgage Solutions Team