HELOC vs mortgage: Everything you need to know
There are approximately 3 million HELOC accounts in Canada with an average outstanding balance of $70,000—and many Canadians with a HELOC can expect their borrowing cost to increase this year with rising interest rates looming.
Mortgages, on the other hand, are obviously much more wi[…]
Read moreTypes of mortgages in Canada and how they apply to you
Before deciding the types of mortgages that may be right for you, you’ll have to make another important decision – the type of lender you’d like to work with.
In Canada, there are three main types of lenders: A lenders (banks, credit unions an[…]
Read more5 steps to finding the best HELOC rates in Canada
Are you looking to renovate your kitchen or go back to school? If you’re a homeowner with some equity, then you might consider taking out a home equity line of credit (HELOC). A HELOC is a low cost borrowing option (compared to unsecured debt and credit cards) since it’s secured against your home.
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