Credit line
With our Line of Credit Calculator, you can determine what size of home equity line of credit or (HELOC) for which you may be eligible. The calculations are based on the appraised value of your home, the mortgage amount currently owing, as well as the loan to value ratio which indicates what percentage of your home's value can be held as debt. You can also click "View Report" to see further details.
Note: the maximum permitted loan to value ratio for most HELOC products is now 80%. Consult an Invis mortgage broker for up to date HELOC product details.
A HELOC can be a useful way to access some of your home's value for a variety of purposes. As a home owner with a HELOC you can withdraw funds as needed, when needed. A HELOC can be established for a one-time cost and accessed many times without the need to re-qualify, provided payments are kept up-to-date.
Homeowners typically make use of HELOC products to obtain funds for investments, home renovations or consolidating high-interest debts such as credit card balances, car loans, or consumer loans. (Hint: Refinancing a mortgage can also be a way to consolidate higher-cost borrowing with lower-cost mortgage financing – potentially allowing you to save significantly on your overall borrowing costs.)
Whether or not you should have a home equity line of credit is a question that is best answered in consultation with an Invis mortgage broker. He or she can take a look at your current mortgage and help you to decide the financing strategy that's right for you.
