HeLoc - Home Equity Line of Credit

A Home Equity Line of Credit is a loan based on the equity of your home and not the people purchasing or refinancing the home. A home equity loan often requires no qualifying as the loan is based strictly on the value of the home and amount of equity rather than on the borrowers themselves.

Home equity loans are sometimes structured as second mortgages. This means the loan is registered on the title of the property in second position behind the existing first mortgage. There can be some advantages to borrowing money in this way; mainly the first mortgage can remain without incurring any penalties for breaking the existing term.

If a home equity loan is structured as a second mortgage you will usually see a higher interest rate. This is due to the increased risk of loss associated with being second payable in the event of a default or foreclosure.

A Home Equity Loan can be used as you see fit whether it be renovation, investments, debt consolidations, etc.

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