HELOC Calculator

Looking for more information about our Edmonton mortgage ? A Heloc is a floating line of credit tied to your home. The interest rate floats with the BOC rate. You can get a home equity line of credit up to 65% of your properties appraised value. Having a HELOC allows a ton of flexibility since you only have to pay the interest-only payments and anything you pay over and above the interest-only payment goes directly to the principal. What this means is that once you pay a little principal, the next month your interest payment will be lower as the principal shall be lower. Home equity lines of credit also are based on the Bank of Canada Prime Lending rate. Anytime there is a change in the prime lending rate, your HELOC payment changes as well. This mortgage product also provides a lot of flexibility for self-employed people or commission employees where their income fluctuates throughout the year. There is a cost to set up a Home equity Line fo credit such as an appraisal and legal fees. Mortgage Tailors are your local Edmonton mortgage brokers. We help Edmonton families with refinancing and securing the best Edmonton mortgage rates. Call us on 780.244.0505