Home Equity Line of Credit
Consolidation Mortgage - Home Equity Line Of Credit
A HELOC is a different type of home loan that allows you to use 100% of your income to pay off the principle of your home much quicker...on average, in 7-10 years. It's what the wealthy have been using for years.
So why haven't you ever heard of a home equity line of credit?
Because Banks and Mortgage Brokers don't make as much money from home equity line of credits. Banks are in the business of making money...so if there is a more profitable product to sell, such as a mortgage, they will sell it.
A Home Equity Line of Credit (HELOC) can help you to achieve your goal.
Reduce your interest costs. Become debt-free sooner.
Have the financial freedom for other things such as vacations!
Finance your new home or replace your existing mortgage using a Home Equity Line of Credit (HELOC). You will need a specific one and I will guide you in getting the proper HELOC.
- Change where your cash goes! Stop giving the bank your money at 0.00% so they can turn around and lend it back to you at 3-15%. Dump all your income into the HELOC. Don't worry, money can go in and out of a HELOC freely.
- Pay your bills out of the HELOC like you would with your chequing and savings account. The remainder goes towards the balance, thus reducing the interest you pay monthly.
- Consolidate all of your debts (loans, credit cards, etc. - up to your borrowing limit) at a competitive, low interest rate. By repaying your higher-cost debt from your HELOC account, you could reduce your interest costs and become debt-free sooner.
- Flexible monthly payments: So long as your borrowing doesn’t exceed your borrowing limit, the amount you deposit or withdraw each month is up to you.