A term is the length of time your mortgage or HELOC is provided to you at the interest rate, or interest rate calculations without any changes, other than to the interest rate if you are on a variable term loan. 

HELOC funds are provided by Electronic Funds Transfer directly to your bank account on file the same day if requested before noon (12pm EDT) or the next business day if requested after noon (12pm EDT) through your secured portal. 

A HELOC is similar to a mortgage in that it is secured against your property and has repayment terms, although interest only payments, due each month based on the balance outstanding on your HELOC.

- Yes, a HELOC is secured against your property.

Once set-up, the HELOC has an annual administration fee of $500 in addition to the interest charged on the balance outstanding.

The interest rate is calculated daily on the balance owing. 

This information is provided instantly via the client portal, or monthly by viewing your monthly HELOC statement.

 There are no penalties for paying off your HELOC.

 We do not have any income requirements.

You may still obtain a HELOC which can be a valuable credit repair tool.  Your mortgage agent or broker will work with you to formulate a plan in order to help you improve your credit over time.

You cannot borrow more than your credit limit.  However, if you require more funds and if your property has increased in value, we may look at reissuing your HELOC to you for a higher amount.  We would advise you speak to your licensed mortgage agent or broker to find out if you would be eligible for an increase.

This is so we can accurately determine the value of your property and how much credit limit we can provide you for your HELOC.  This also shows us the condition of the property at the time the appraisal is completed.