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Home Equity Line Of Credit Waterloo – Access Mortgage

A home equity line of credit, or HELOC, is a revolving line of credit that uses your home’s current market value as collateral. When you have equity in your home, you can set up a line of credit that can be easily accessed and used for just about anything. If you are looking for a home equity line of credit in Waterloo, then consider Access Mortgage today! We can assist you in getting a home equity line of credit in Waterloo even if you have bad credit or no credit. Access mortgage is one of Canada’s largest mortgage brokers with access to over 400 private and institutional lenders. Read on for more information about a home equity line of credit in Waterloo from Access Mortgage.

What is a home equity line of credit (HELOC)?

A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in their house. Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, medical expenses, or debt consolidation.

 

Combine your mortgage with a home equity line of credit in Waterloo.

Like a mortgage, a home equity line of credit in Waterloo can be registered against your home, allowing you access to a lower interest rate. What you may not be aware of is that these two financial products can actually be combined into one.

Lenders that offer this type of product will approve you for a maximum limit that you can borrow, and this amount will be collateralized and registered your home’s title as one mortgage. They can then split the amount into a mortgage portion that will come with the regular interest rate, terms, and payments and a HELOC portion. You can withdraw additional funds from the line of credit as needed, and repay the required interest only minimum or the entire amount. As the mortgage is paid down, some lenders allow the line of credit limit to increase in proportion. The benefits of this arrangement is that it’s less costly at closing to only register a single charge rather than two. Having a large line of credit also provides a lot of flexibility in terms of cash flow.

 

Loan to Value (LTV):

A loan-to-value (LTV) ratio is a financial term used by lenders to describe the ratio between the mortgage amounts registered on your home and the home’s value. The LTV is represented as a percentage of the total appraised value of your home. Lenders will evaluate your loan-to-value ratio while they are underwriting your loan. In general, borrowers with lower LTV ratios can qualify for lower mortgage rates than borrowers with higher loan-to-value ratios. Borrowers who have a lower loan-to-value ratio are considered less risky to lenders because they have more equity in their homes.

For more information about home equity line of credit in Waterloo please feel free to continue browsing through our website, or give us a call today! We can be reached at 1-844-397-3780 or by filling out our contact form.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
  • “Seamless from beginning to end!”
    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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