What is HELOC?
HELOC is an outstanding mortgage option. Borrow money using your home value without having to sell it. With a Canada HELOC, you can access the equity in your home — the difference between what your home is worth and what you still owe.
With a home equity loan, you can easily access funds as if it’s a credit card. Borrow just what you need, whenever you need it, up to your available credit limit.
You pay interest only on the amount you actually use. Plus, interest rates are usually lower than other types of credit, which can save you money over time.