A home equity line of credit (HELOC) can give you some financial freedom.
If you are looking at some large expenses coming up, you might be wondering what your financial options are. Here at Centum Mortgage Store, Ltd., we want to help explain all of your options to you and help you choose the one that will be best suited to your unique situation. Whether you have a child entering college, need to remodel your home to accommodate an aging parent, or are even looking for a much-needed respite vacation, a home equity line of credit might be the right choice for you.
A home equity line of credit is very similar to a second mortgage, but instead of taking out a lump sum to function in a certain way, you are allowed a certain amount that you can divvy up as you please. For example, if you take out a home equity line of credit that is $50,000, you can spend part on your child’s college fund and part on some debt you might have accrued. You are also only charged interest on the amount you utilize, not the full amount available in your home equity line of credit. You are not required to use all the money right away, you can use some right away and save the rest for something that may arise down the road, such as a wedding or college graduation gift.
A home equity line of credit can be a great option for many people who need financial assistance. We would love to explain the benefits and potential risks that are available to you when you consider a home equity line of credit in the Kelowna, British Columbia area. To learn more and to determine if this is right for you, please contact us today at Centum Mortgage Store, Ltd.