Need cash up front?
There are certain situations in life that may put pressure on what you are easily able to afford with your immediate financial situation. You’ll need a solution that doesn’t break the bank.
A Home Equity Line of Credit (HELOC) is a way to access finances by “borrowing them” out of what you’ve already paid into your home. If you have a mortgage on your house, a HELOC can be processed through your mortgage lender similar to how you would use a line of credit.
What Makes a HELOC a Great Choice?
- Access up to 65% of your home’s value.
- Much lower interest rates than any other type of loan.
- Spread payments over your existing mortgage amortization.
- Easily accommodated in your existing budget!
What Can I Use a HELOC For?
Once approved, your HELOC becomes accessible to you to use for any extra funds toward anything you want or need, such as:
Home Renovations
Especially ones that can increase the overall value of your house. Often homeowners realize their cash coming in has improved, while their home has become outdated or needs several minor repairs. Instead of the hassle of moving, your home has the ability to pay for its own improvements.
Continuing Education
Invest in your child’s future – or your own! For many, it’s a dream come true to give their children the ability to enter a post-secondary education institution. While student loans are some of the lowest risk debts to incur, many parents still want to contribute and a HELOC is also considered an excellent option to explore. If you’re the one who is looking for a change of pace, upgrading your earning potential can result in extra funds to put back towards both enjoying your lifestyle and paying off your overall debt obligations - never a bad idea!
Making an Investment
Depending how far along you are into your amortization period, your home has often had a considerable amount of money paid into it. While the home has not yet been paid off, that money has not disappeared. Essentially, it has value and has become its own asset. The value of what you have paid into your home’s mortgage can then be “unlocked” by setting up a HELOC. Those funds can be put towards an investment which can in turn become profitable in ways that will help you get into a better debt position. If you are interested in investment opportunities and refinancing, talk to a Castle Mortgage Group broker you trust today.
Any Unforeseen Expenses
Because a HELOC is one of the most secure “loans” out there, your mortgage provider is often the best place to look to when life catches you by surprise. This could be an unexpected travel expense, planning a wedding, making a business purchase, a crisis or emergency, or other type of expenditure for which we may not have made arrangements ahead of time. If your mortgage is up to date and your credit secure, a HELOC can often be approved quickly and give you the peace of mind you need to take care of life’s demands.
When Will the Money Arrive and Where Do I Start?
A HELOC can often be arranged and funds arrive in your account in as little as one or two days.
To begin, we urge you to connect with a mortgage broker you know and trust. Don’t have one? Get to know us and we’ll help bring your mortgage’s best features to light. We are here to help.