HELOC Brampton

HELOC Brampton - Compare Providers

Select Category

• Personal
• Commercial
• Auto
• Title
• Mortgage
• Debt Relief

• Personal
• Commercial
• Auto
• Title
• Mortgage
• Debt Relief

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
9	1718582400		$100 to $1500	24%	Next payday	$100 to $1500
100	1709683200		up to $1,250	12%-32%	90 - 150 days	up to $1,250
23	1700524800		$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
21	1700524800		$1,000 - $5,000	46%	9-24	$1,000 - $5,000
15	1695254400		$1250	16.06% (nominal) - 31.99% (effective)	3 - 5	$1250
3	1692748800		Up to $350	0%	Up to 65 days	Up to $350
8	1688083200		$150 - $1,600	10 - 35%	3 - 6	$150 - $1,600
100	1686182400		$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400		$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400		$300 - $3,000	18% + fees	6	$300 - $3,000
6	1683676800		$15,000	6.7%	Up to 60 months	$15,000
1	1670889600		$1,000 - $15,000	19.9% - 34.9%	-	$1,000 - $15,000
7	1666051200		$250	0%	-	$250
100	1643932800		$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
100	1642723200		up to $1,500	-	-	up to $1,500
13	1639094400		$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
30	1637280000		$5,000 - $50,000	5.75% - 22.99%	Up to 84	$5,000 - $50,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
2	1620777600		Up to $35,000	9.99% - 46.96%	9 - 78	Up to $35,000
17	1607558400		$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1600646400		$1,000-$7,500	12.99% - 29.99%	24 - 60	$1,000-$7,500
100	1598918400		$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000		$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800		$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1551830400		Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1594684800		$100 - $2,000	0%	-	$100 - $2,000
100	1593561600		-	0+	2 - 60	-
100	1589155200		$2,500	15.65% AIR	13 - 26	$2,500
100	1582243200		-	-	Up to 60	-
100	1581033600		$5,000+	-	Up to 60	$5,000+
100	1580947200		-	-	-	-
100	1580860800		$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800		$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
16	1580774400		$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400		$100 - $1,500	-	-	$100 - $1,500
100	1579478400		Up to $5,000	29.78% - 44.8%	36 months	Up to $5,000
100	1579219200		$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200		-	15% - 19%	-	-
100	1576713600		-	Up to 35%	-	-
18	1576713600		$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400		1800- 2900	15.99%	23 - 36	1800- 2900
100	1562198400		$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
100	1560124800		Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
19	1552262400		$1,000 - $15,000	29.9% or 46.90%	6 - 60	$1,000 - $15,000
100	1551830400		$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400		$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400		$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400		Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400		$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
100	1551398400		$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400		-	-	14 days	-
18	1546128000		Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
100	1551139200		$250 -$1,250	29%	3 - 6	$250 -$1,250
100	1551139200		$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
15	1551139200		Up to $15,000	29.99% to 46.93% APR	Open-end	Up to $15,000
100	1550534400		$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400		$100 - $1,500	-	14 days	$100 - $1,500
100	1569974400		Up to $1,500	15% - 17%	up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	Up to 59% APR	14 days	Up to $1,500
19	1550534400		$2,500 +	-	-	$2,500 +
100	1550534400		$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
100	1550534400		$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200		$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1549411200		$1,000 -$15,000	46.93%	12 - 60	$1,000 -$15,000
100	1567555200		$300 - $3,000	18% + fees	6	$300 - $3,000
100	1549238400		$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400		$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
100	1549238400		$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000		$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548720000		$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
100	1548633600		$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600		$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
16	1545264000		$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
5	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
2	1543622400		Up to $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
100	1545177600		$2,000 – $10,000	34.9% - 43%	12 - 60	$2,000 – $10,000
10	1545264000		$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
100	1545350400		Up to $1000	30%	3 - 5	Up to $1000
100	1545350400		Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400		Up to $3,000	22% - 35%	3 - 4	Up to $3,000
100	1545350400		Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400		$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
5	1545350400		$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400		$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400		$500 – $750	23% - 34.4%	3 – 12	$500 – $750
100	1545350400		$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000		$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
3	1545264000		Up to $5,000	47.72%	-	Up to $5,000
4	1568937600		$1,500 – $10,000	Varies by province	Varies	$1,500 – $10,000
10	1545177600		$1,000 - $35,000	5.99% - 29.19%	36 - 60	$1,000 - $35,000
18	1545177600		$100 - $20,000	Up to 46.8%	Up to 60	$100 - $20,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1725321600		up to $40,000	-	-	up to $40,000
8	1714089600		$10,000 +	4%-45%	90 days+	$10,000 +
7	1714089600		$10,000 to $2,000,000	10%+	Up to 36	$10,000 to $2,000,000
3	1697414400		Up to $800,000	9% - 49.99%	3, 6, 9, or 12	Up to $800,000
2	1669852800		$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000		$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600		-	-	12 - 60	-
100	1611878400		$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400		$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1603756800		-	-	-	-
100	1598918400		-	-	-	-
100	1592438400		-	-	-	-
100	1585612800		-	0.9% - 12%	6 months - 5 years	-
100	1581984000		$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581292800		-	-	-	-
100	1581033600		-	-	-	-
100	1581033600		-	-	-	-
100	1581033600		-	-	-	-
100	1580947200		-	-	-	-
100	1580947200		$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		up to $250,000	-	-	up to $250,000
100	1580860800		-	-	-	-
100	1580688000		Up to $10,000	-	-	Up to $10,000
100	1580256000		$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400		-	-	-	-
100	1579478400		$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400		-	-	12 - 120	-
100	1579478400		-	-	24 to 60	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1579046400		-	-	-	-
100	1578873600		-	-	-	-
100	1577059200		-	-	-	-
100	1577059200		-	-	-	-
100	1577059200		-	-	-	-
100	1575849600		$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600		Up to $250,000	-	-	Up to $250,000
100	1575590400		-	-	-	-
100	1575590400		-	-	-	-
1	1545955200		$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400		$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
100	1552262400		-	Competitive	-	-
100	1552262400		-	-	-	-
100	1552262400		Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400		-	-	-	-
100	1552262400		Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400		Up to $100,000	-	-	Up to $100,000
100	1551830400		$10,000+	-	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400		$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400		$3,500+	-	-	$3,500+
100	1551398400		$5,000+	4.9% - 24.99%	18 - 48	$5,000+
100	1551398400		$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200		Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400		$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400		$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400		Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400		$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200		$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200		$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400		$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000		$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000		Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000		$10,000+	18% - 22%	-	$10,000+
100	1548720000		$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1548633600		Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
10	1545177600		$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
100	1545264000		$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000		$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
6	1545350400		$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000		$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
5	1545177600		$5,000-$300,000	15% - 25%	4 - 24	$5,000-$300,000
4	1545177600		$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
5	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200		Up to $300,000	-	-	Up to $300,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
2	1679529600		Varies	8.49% +	24 - 96 months	Varies
100	1643846400		up to $10,000	19.99%	12 - 36	up to $10,000
3	1632960000		Up to $50,000	15.99% +	12 -72	Up to $50,000
8	1624233600		Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
100	1610409600		-	-	-	-
17	1607558400		$500 - $50,000	-	24 - 60	$500 - $50,000
7	1606435200		$500 - $10,000	starting at 0%	3 - 48	$500 - $10,000
100	1600646400		$1,000-$7,500	12.99% - 29.99%	12 - 84	$1,000-$7,500
100	1594339200		-	-	-	-
100	1582761600		-	-	12 - 96	-
6	1582761600		-	11.9% - 22.9%	Up to 84	-
100	1582761600		-	0% - 29.5%	-	-
100	1581033600		-	+ 4.9%	-	-
100	1581033600		-	-	-	-
100	1580688000		-	-	-	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1579219200		-	-	-	-
100	1578873600		-	+8.99%	-	-
100	1578873600		-	-	-	-
100	1551830400		$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400		Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400		Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400		Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400		$10,000+	-	12 - 96	$10,000+
100	1551830400		Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200		-	-	up to 72	-
100	1577059200		-	-	-	-
100	1575849600		-	Starting at 4%	Up to 84	-
100	1575849600		$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600		-	-	-	-
100	1575590400		-	-	-	-
100	1575504000		-	-	-	-
6	1569974400		$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000		-	Up to 49.9%	-	-
100	1561507200		-	-	-	-
100	1561507200		-	-	Up to 84	-
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		Up to $30,000	-	-	Up to $30,000
100	1551830400		Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1550534400		-	-	-	-
100	1548720000		-	-	-	-
100	1548633600		-	4.2%+	-	-
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600		Up to $50,000	-	-	Up to $50,000
100	1545177600		$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600		-	-	Maximum 84	-

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1578873600		$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000		Up to $25,000	-	12 - 60	Up to $25,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$15,000 +	6% - 16%	12 - 60	$15,000 +
7	1708473600		Varies	Varies	1 - 10 years	Varies
5	1700524800		-	-	-	-
6	1696377600		-	5.69% +	-	-
100	1695945600		-	-	-	-
100	1695772800		-	-	-	-
4	1690934400		Varies	5.54%+	Varies	Varies
2	1688601600		Min $100,000	5.34%+	2 - 10 years	Min $100,000
3	1679616000		$100,000 - $2 million	Fixed, variable, or adjustable rates	1 - 5 years	$100,000 - $2 million
4	1541030400		-	Varies	6 months - 5 years	-
100	1627344000		-	1.94% - 2.45%	12 - 60	-
2	1620777600		Up to $35,000	-	-	Up to $35,000
100	1551830400		Up to $500,000	5.75% – 9.9%	negotiable	Up to $500,000
100	1581033600		-	2.74% - 6.30%	12 - 120	-
100	1580947200		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	2.64% - 4.45%	12 - 120	-
100	1580860800		$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800		-	-	36 - 60	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580688000		-	2.79% - 6.00%	6 - 60	-
100	1580688000		-	2.74% - 4.45%	12 - 120	-
100	1580688000		-	-	-	-
100	1579478400		-	2.74% - 3.70%	6 - 120	-
100	1579132800		-	2.79% - 4.45%	-	-
100	1578873600		-	-	-	-
100	1578873600		-	2.69% - 3.95%	6 - 120	-
100	1578268800		up to 4,000,000	3.49% - 5.49%	12 - 300	up to 4,000,000
100	1577059200		$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
100	1577059200		-	-	-	-
100	1577059200		-	--	-	-
100	1577059200		-	2.84% - 7.30%	-	-
100	1574985600		$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200		min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200		-	2.23% - 4.45%	-	-
100	1560124800		-	2.89% - 3.79%	-	-
100	1548806400		$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548720000		-	2.41% - 3.84%	-	-
100	1548720000		-	-	-	-
1	1517097600		$10,000+	Based on equity	-	$10,000+

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

While most people need to borrow money to get a house, did you know that there are also ways to use your house to borrow money? One of the most popular ways to borrow money with your home is through a HELOC (home equity line of credit).

Whether you are in a major market like Toronto or a smaller one such as Brampton, HELOCs can help you take advantage of your home equity to get the cash you need. This guide is going to take a closer look at HELOCs in Brampton and see if it is the right choice for you.

What Is a HELOC?

A HELOC in Brampton is when you use the equity in your home to borrow money from a lender. However, instead of being like a standard loan, it is a form of revolving credit so it works more like a credit card. Because of this, it can often be used as a source of funds for emergencies or unforeseen situations.

You can borrow from it when you need it, which will stop you from having to go out and get a whole new loan if you find yourself struggling financially. The lender you work with will set a maximum amount that you can borrow, and as long as you stay under the limit you can borrow as much (and as often) as you’d like.

The maximum will often depend on things like how much equity you have in the home, the value that your home has, and your remaining mortgage balance. The interest rates are generally low as your equity is up as collateral, and the interest you pay will only be on the amounts you have actually used.

The Two Phases of a HELOC

In order to get the most out of your HELOC in Brampton and use them responsibly, you need to truly know how they operate. In general, most HELOCs have two phases. There is the draw phase and the repayment phase.

The Draw Phase

The draw phase is when you are able to borrow money from the HELOC freely whenever you need it. Sometimes interest-only payments will be required, but this isn’t always the case. Some lenders might also allow you to pay off the principal during this phase.

The Repayment Phase

This phase often comes about a couple of years to a decade or so after the draw phase begins, but the exact amount of time can vary. In the repayment phase, you need to repay the money you borrowed until the line of credit is fully paid back. Of course, you won’t be able to use or access the funds any longer once you are in this phase.

Before ever applying for a HELOC, it is a good idea to understand the draw period and repayment period, on top of important factors like the interest rate and minimum payments. Being equipped with all of this knowledge will allow you to find the best option for your needs. It is important to keep in mind that these HELOCs should only be used for things that you need.

Can you use your home equity to pay off a consumer proposal?

What Are The Most Common Uses For a HELOC in Brampton?

Now that you know what they are, what are the most common uses for a HELOC in Brampton? While they can essentially be used for anything, some of the most common uses for a HELOC include:

• Consolidating your debt and getting lower rates or simplifying your monthly payments
• Using the money to add value to your home by renovating, remodelling or painting
• To make a large and important purchase that you simply can’t afford in cash
• As an emergency or back-up fund during a renovation or just for a rainy day.

These are far from the only uses for a HELOC in Brampton, as it can essentially be used for anything that you need a little bit of extra cash for. However, as when using any sort of loan or line of credit, it is important to use a HELOC responsibly. If you use a HELOC for things you don’t need or borrow more than you could afford, you put yourself in a position where you could end up losing your home or the equity you had in it.

HELOC vs. Home Equity Loan

After learning a little about what a HELOC in Brampton is, you might be able to see the similarities between them and a home equity loan. While they are similar in that both use your home equity to gain access to additional funds, there are also many differences. A home equity loan is like a standard installment loan where you will be given your money in a lump sum, and then pay it back over a predetermined schedule.

Also, with a home equity loan, you also need to borrow a larger amount and could be helped responsible for certain fees. They are often less flexible than a HELOC but are generally more predictable and simple. So which is the right choice? Well, the answer is that it depends.

If you have a large home renovation or an expensive one-time purchase, it is often better to go with a home equity loan. They are great when you know exactly how much money you need. The payments with these are consistent, which some people enjoy.

On the other hand, if you want to prepare for life’s many emergency or unpredictable situations, having a HELOC often works best. This could be if you have medical concerns, if you are a student who needs money every now and then, or if you simply want a relatively affordable source of emergency funds.

Another thing to keep in mind is that it is much easier to abuse a HELOC. Because it operates as a revolving line of credit, it can be common for people to overspend or spend irresponsibly with one. Only make purchases on credit that you are confident you will be able to pay back on time or in full.

HELOC, mortgage refinance, or a second mortgage? Learn more here.

Good and Bad Times to Use a HELOC in Brampton

While a HELOC in Brampton is a great solution for many people, it isn’t always the right choice. There are both good and bad situations for using a HELOC. Generally, it is a good idea to utilize a HELOC if you are using the money for something that you need, for an emergency or for adding value in your life in some way. This includes:

• Adding value to your home by renovating it in some way
• Paying for your education, which improves your future earning potential
• Dealing with a medical emergency or ongoing issues
• Paying for necessities after an accident or loss of job
• Consolidating your expensive debt and getting a more affordable interest rate

If you use a HELOC for any of the aforementioned situations or scenarios, you’re generally in the clear. Unfortunately, many people use HELOCs for the wrong reasons. Some of the wrong things that many people will use HELOCs for include:

• Buying a new TV or a new car
• Using it as a source of income to purchase unnecessary things
• Using the money for a risky investment or business opportunity

If you are still confused about whether your current situation calls for a HELOC or not, be sure to reach out to an expert in your area.

The HELOC For Your Needs

Need help determining if a HELOC is the right choice for your unique situation? Loans Canada can help by matching you with a third-party mortgage professional.

Note: Loans Canada does not arrange, underwrite or broker mortgages. We are a simple referral service.