HELOC gives you the flexibly to access your funds anytime. 

What is a HELOC?


What is a HELOC?


What is a HELOC?


What is a Private HELOC compared to a bank's Line of Credit?

Private HELOC

A Private HELOC is a Home Equity Line of Credit that is provided to homeowner(s) regardless of credit, income or employment situation.  It is based entirely on the equity in your home, without the rigid income and credit requirements that the banks rely on.

How do I access my HELOC account?

HELOC Account 

Once your HELOC is set-up, you are provided a secured access to an online client portal where you can move money between your HELOC and bank account on file.

What is a term?

Term is the length

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. 

What are the fees for a Greenlight HELOC?

Set-Up Fees

There is an initial set-up fee of 3.5% in most cases, as well as a $500 per year annual administration fee.
How are the HELOC funds provided?


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. 

Is a HELOC a mortgage?

HELOC a Mortgage 

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.

Is the HELOC secured against my property?

Against My Property

- Yes, a HELOC is secured against your property.

How much does the HELOC cost?


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

How is the interest rate determined?

Interest Rate

The interest rate is calculated daily on the balance owing. 

How do I know how much available credit I have on my HELOC?

Available Credit

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

Are there penalties if I pay off my HELOC?


 There are no penalties for paying off your HELOC.

Do I need to show proof of income to obtain a HELOC?

Proof of Income

 We do not have any income requirements.

What if my credit is bruised?

Bruised Credit 

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.

Can I borrow more than my HELOC limit if I need it?

HELOC Limit 

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.

Why do I need to have my property appraised to obtain a HELOC?

Property Appraised

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.