A home equity loan or home equity line of credit (HELOC) can be used to consolidate debt or to make additional larger purchases, such as home renovations.
Benefits of Home Equity Loans / Line of Credit
- Flexible withdrawals.
- Easy access to available credit.
- Lower interest rates than other types of credit, such as credit cards.
- Pay interest only on the amount you borrow.
- Interest may be tax deductible.
- You can pay back the money you borrow at any time without a prepayment penalty.
Knowledge is power.
Use our Learning Centre to learn how to use the equity in your home to achieve your personal goals.
Home Equity Line Of Credit (HELOC) Guide: What You Need To Know
As a homeowner, you may have heard the term HELOC mentioned when seeking out credit sources, looking into loan options or exploring refinancing.
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Home Equity Loan
If you’re a homeowner who’s been diligently paying off your mortgage over the course of time, you’ve built up home equity that you can tap into.
Get started now on your financial goals.
Provide some basic information and we'll connect you with a Rocket Mortgage™️ agent to explore home equity options.
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