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Home Equity Line of Credit

We are committed to offering creative financial solutions that make mortgages easy, practical, and available to everyone. We do much more than your traditional mortgage; we work with you to ensure you obtain a mortgage loan that suits you best. Our Home Equity Line of Credit (HELOC) will help you reach your financial objectives without conventional banking!

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Home equity line of credit

What is a Home Equity Line of Credit?

With a home equity line of credit (HELOC), you can borrow money using the value of your house as collateral. Unlike a traditional loan, a HELOC allows you to access a revolving line of credit, allowing you to borrow money as needed up to a pre-approved credit limit.

When considering a home equity line of credit (HELOC) for major renovations or construction projects, it’s important to make informed decisions. At Skip the Bank, we understand the complexities involved and are here to guide you. It’s challenging to get in contact with your branch or mortgage broker. We are pleased to introduce and assist new clients with the seamless experience of Skip the Bank.

Our clients have utilized HELOCs to provide financial support for their children’s home purchases. If any of these reasons resonate with you, we encourage you to get in touch with us, as our HELOCs typically offer more competitive rates. Trust us to provide you with the right solution for your financial needs.

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Home equity line of credit

We Can Help You!

We are here to provide guidance if you’re uncertain about the optimal approach to accessing your equity, whether through a secured line of credit or refinancing your existing mortgage, we are here to provide guidance. We will thoroughly discuss the pros and cons of each option, empowering you to make an informed choice. You may also have inquiries regarding associated costs, which typically include appraisal fees, legal fees, and additional legal fees for major construction projects involving mortgage draws.

When it comes to utilizing a home equity line of credit (HELOC) to tap into your home’s equity, we offer a cost-effective process that maximizes leverage in your home or rental properties. Trust us to provide a tailored solution that optimizes your financial goals.

Advantages of a Home Equity Line of Credit

Flexible Funding Is Available

Without having to deal with the headache of applying for a new loan each time you need money, a HELOC allows you the flexibility to access funds as needed.

Lower Interest Rates

Compared to other loan kinds like credit cards or personal loans, HELOCs often have lower interest rates. In the long run, this can help you save money and make debt payments more quickly.

Boost Your Credit Score

By varying your mix of credit and showcasing your capacity to manage credit appropriately, a HELOC can help you raise your credit score.

Tax Benefits

It may be tax deductible for you to pay interest on a HELOC, which can result in further savings.

Reasons to Choose Skip the Bank’s Home Equity Line of Credit

  1. Competitive Rates: You can save money throughout the course of your loan by taking advantage of our competitive interest rates.
  2. Dedicated Support: From application to funding, our team of knowledgeable financial professionals is available to assist you at every stage of the procedure.
  3. No Hidden Fees: We are transparent about our fees, and we don’t charge any hidden fees or prepayment penalties.

At Skip the Bank, we are aware that having financial freedom is essential to attaining your objectives. You may get the money you need to fulfil your aspirations with our Home Equity Line of Credit. Apply right away to take charge of your financial future.

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Home Equity Line of Credit

Success Stories

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Alex owned a house that was virtually paid off and he wanted to do something constructive with his home’s equity. He’d always thought about owning another property or investing in a business but wasn’t sure what the best approach would be to leverage the equity in his home. His bank recommended that he do a mortgage over a HELOC as the interest was cheaper but wanted to get a second opinion. That’s when he googled The Mortgage Centre Guelph and was impressed with the reviews! He set up an appointment.

The Mortgage Centre went through the pro’s and con’s of each option for investments in an unbiased way. At the end of the consultation, the secured line of credit option was a better choice since all of the interest in the loan would be tax deductible. The lower rate on the mortgage offered no advantage to the HELOC since the standard forced Alex to pay down on the principal of the loan (and that wasn’t his original idea because it was an investment loan). Because The Mortgage Centre had the experience and expertise Alex was able to grow his investment portfolio to two rental properties and even invest in a business that generated dividends!

headshot photo of sharon

Sharon and Violet had accumulated some debt, but it wasn’t a lot. They knew a secured line of credit might be a better option than carrying the debt on their credit cards. They had a mortgage with a major bank but whenever they tried to book an appointment it was always being rescheduled and the process seem tedious and drawn out. They finally lost their patience and came to The Mortgage Centre as a recommendation from a friend.

Thankfully The Mortgage Centre – was able to help them work with their existing mortgage lender and acquire a secured line of credit. Sharon and Violet found it easy to communicate with The Mortgage Centre as they used technology for esigning the final mortgage documents. The Mortgage Centre also was able to accommodate evening appointments and were quicker at answering questions.

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