@canadian.financia: A home equity line of credit (HELOC) is a secured form of credit. The lender uses your home as a guarantee that you'll pay back the money you borrow. HELOCs are revolving credit. You can borrow money, pay it back, and borrow it again, up to a maximum credit limit. You need a 20% equity in your home. The portion of your home that you can finance with your HELOC can’t be greater than 65% of its purchase price or market value. You can finance your home up to 80% of its purchase price or market value, but the remaining amount above 65% must be on a fixed term mortgage. You can also use your HELOC to pay down debts you have with other lenders. You only have to qualify and be approved for a HELOC once. After you’re approved, you can access your HELOC whenever you want. #canada #financetips #Homebuyers #financecoach
