A home equity line of credit or HELOC is a fantastic way to unlock the equity in your home. Whether you are looking to unlock money for investments or consolidate debt or complete renovations at home equity line of credit is an excellent source of funds. The key feature of the home equity line of credit is that it is backed by the equity in your home and therefore gets you a lower interest rate.
Understand how a HELOC will work with your finances
01. Customized HELOC for you
A HELOC acts as a flexible line of credit. You can add and withdraw funds from it on a flexible basis. PrestoMortgages has 35 years of experience in the mortgage and lending industry in Ontario. Trust us to come up with the right answer for you.
At PrestoMortgages we have worked with clients from all walks of life to get them the home equity line of credit (HELOC) they need in Ontario. We take the time to understand personal and financial situation and find the best outcome you. Our approach is not one of product processing, but one of collaboration to help you get the HELOC you need while making sure your financial situation is accounted for.
02. We are not the big banks!
At PrestoMortgages, we have worked with many clients who have a lot of equity built in their homes but have been challenged financially through a bad credit score or debt servicing difficulties. We do not turn away people looking for HELOCs based on a rigid risk model. If you have the equity in your home to get a HELOC, we will qualify you! A HELOC is a great way to consolidate debt and get your life back on track.
Take action and smooth out the amount of interest and loans you pay out every month. We can get you the HELOC you need to live a stress free life. Our clients come to us worried about the challenges they have had with other lenders and walk away happy and satisfied as we build them options tailored to their situation.
Multiple Options for you
Based on your financial situation, there are many ways we can structure your HELOC. We can give you flexibility by combining a revolving line of credit with the safety of a fixed rate on the mortgage. The equity in your home acts as collateral and we can work on funds ranging from few thousand dollars to up to 80% of the equity in your home. This comes with a variable interest rate which is based on the Prime lending rate.