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Using the Equity on Your Mississauga Home

Home Equity Lines of Credit or HELOCs are popular among the Canadian public as they offer easy and relatively inexpensive access to funds. Once the amount is agreed, the money can be withdrawn whenever it is needed.

A HELOC is ideal for those who don’t need a large sum of money all at once but who want to use their home equity for easily accessible funds in the future.

Home equity is the portion of your home that you own. It is calculated by subtracting the amount owed on the property from its market value. In many instances, home equity represents a significant portion of the home owner’s wealth.

The amount of home equity that you have accumulated will depend on the appreciation of property values over time, the size of the initial down payment and how much of the principal amount has been paid. Every time you make a payment on your Mississauga home, a portion of that payment is allocated to the principal amount.

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HELOCs – The Facts

HELOCs are restricted by law to 65% of the appraised value of the property, but this can be supplemented by a mortgage of up to 80% of the value. You can increase the HELOC as the equity in your home increases but you will have to make a new application and pay additional costs when you do this.

HELOCS operate like a revolving line of credit and you can use the funds up to the agreed amount as and when you need them. Because it is a secured loan it is a lot cheaper to service than most other lines of credit.

The interest rate is usually governed by the prime interest rate. HELOCs operate on adjustable interest rates, so you run the risk of interest rates rising. Because of this risk, you should be careful to keep the repayments well within your ability to pay.

A default in payment could result in you losing your home. Some lenders will allow you to lock in a portion of the HELOC to reduce the risk.

HELOCs are interest-only loans for an agreed period. After the period has lapsed the instalments will be increased to include the principal. The HELOC is technically the second mortgage and so in the case of payment default, the lender will receive payment only after the primary mortgage has been settled. Because of this additional risk, the interest rate on the HELOC will be higher than the interest on the primary mortgage.

Know the Costs and Conditions

Most Mississauga lenders will allow you to take a HELOC at any time during the mortgage period. The amount that they lend you will depend on the appraised value of your home at the time of the application. The cost of the appraisal and the closing fees are the only costs that you will pay over the term of the HELOC.

HELOC’s are subject to review and can be revoked or reduced by the lender at any time during the term of the loan.

Whilst HELOC’s are great financial tools for those wanting flexible and accessible finance, at relatively low cost, as with all such matters, you should discuss costs and the terms and conditions of the contract with your mortgage broker before signing a contract.


I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18


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