Using our online portal you can request funds at any time. All requests received before 12pm will be sent for funding the same day. All requests received after 12pm will be set up for the next business banking day. Funds will be sent to your Bank account that is set up with us for your monthly payments or to your lawyer (if you so choose).
Interest is calculated on your daily balance borrowed and is applied once per month. If you pay down your HELOC in the middle of the month, then the interest owing will reflect from the day your payment was received.
No, interest is only calculated on the outstanding balance owing. If you carry a zero balance then no interest is calculated or owed for the period where the balance is zero.
No, we don’t charge a transaction fee for making payments or requesting more funds.
Yes, you can access your home equity to renovate even if you’ve done this before. You need a current appraisal of your home to find out how much equity you have. Then contact us to set up a new home equity line of credit using your new home value.
No, a HELOC is not the same as a Home Equity Loan. With a Home Equity Loan, you receive funds on a certain date and pay them back according to your mortgage agreement. A HELOC is a line of credit that lets you access up to 75% of your home’s appraised value. You use the funds you need and pay them back when you want over and over. Both a HELOC and a mortgage loan are secured by a registered charge on the title to your property.
Yes, you can access your home equity to pay off those high interest loans and credit cards. All you need is a current appraisal of your home to find out how much equity you have. Then contact us to set up a new Home Equity Line of Credit using your new home value.
Yes, you can borrow against multiple properties in the form of a single or several loans or HELOC. We provide flexibility to unlock equity across various properties to enable you to make your money grow.
We will determine the type of appraisal needed and contact you after we review your property and current mortgage details.