Best 5 Tips On HELOC At Canadalend
Taking a Home Equity Line of Credit (HELOC) has always remained an alluring prospect for many Canadian homeowners. By taking a HELOC, homeowners are able to establish a line of credit with a lender by using their home as collateral. HELOC differs from a home equity loan in the sense that in the latter, homeowners take out a second mortgage with a new interest rate while getting a lump sum equaling to the equity they have in the home. HELOC doesn’t give homeowners a lump sum; instead they get access to a fixed amount which they can utilize over a period of time, say 10 years.
Check the Rate of Interest Offered to You
The rate of interest that the lenders offer you on a HELOC depends on a lot of factors, the most important being the government’s housing policy and the overall sentiment in the housing market. What it essentially means for you is that the rate of interest offered to you will vary to a great extent with any changes in the policies. Therefore, it is important on your part to shop around and compare the interest rates that are offered to you.
Understand All the Terms and Conditions
Due to the stiff competition in the HELOC lending market, you might receive a plethora of information and offers on ‘low interest rates’ or ‘low processing charges’.
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