HELOC gives you the flexibly to access your funds anytime.
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.
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.
Against My Property
- 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.
Proof of Income
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.