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What Is a Home Equity Line of Credit?
A HELOC is a secured form of credit. Your home is used as collateral to guarantee that you’ll pay back the funds you borrow.
HELOCs are revolving credit. You don’t get a single lump sum upfront that you make payments on, like a home equity loan. You draw the amount of money you need and make payments on the amount you’ve borrowed.
Benefit Of Secured Line Of Credit
A secured LOC (backed by the equity in your house) lowers the risk to the lender so you get a lower interest rate, lower monthly payments, and a significantly higher limit. In fact, if you plan to use a significant amount of credit, you can save hundreds of dollars a year with a secured LOC.
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About GNE
GNE Mortgages is an established mortgage brokerage house conveniently located in the heart of Mississauga (Hurontario/Watline) providing effective mortgage solutions throughout Ontario. Whether you are looking to purchase your very first home or upgrade to a new home, renew your existing mortgage, refinance your mortgage to free up some equity, purchase investment properties or vacation homes, or ease business-related equipment, we have a variety of products available to meet your unique needs.
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The Reason You Need for Home Equity Line of Credit
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211 Watline Ave, Unit 104 Mississauga, ON L4Z 1P3