Get Low Rates on a Line of Credit (HELOC) from Capital 360 Mortgage
A line of credit is a flexible way to borrow from the banks. Whether you’re paying off high-interest debt, consolidating, doing home renovations or travelling, a line of credit can be a great option. Working with a Capital 360 Mortgage Agent will guide you through the world of line of credit different options.
The benefits of a line of credit
Apply for a line of credit with Capital 360 Mortgage and:
- Benefit from lower interest rates compared to standard credit cards (18-29% for credit cards vs. current bank prime rate)
- Enjoy the freedom to use as much or as little as you want at once
- Don’t pay interest until you use it
- Only pay interest on the amount you borrow (For example, if you have a line of credit for $20,000 and you use $5,000, you only pay interest on $5,000)
- Have the control to draw, pay back and re-draw as much as you want
Choose from 2 types of lines of credit
Secured line of credit
With this option, the line of credit is secured with collateral. A home equity line of credit (HELOC) falls in this category, with the collateral being the applicant’s home. Those who qualify for a secured line of credit will benefit from lower interest rates and higher credit limits.
Looking to purchase another home or property? A line of credit mortgage is also available from $10,000 to $500,000 depending on the value of the home it’s secured upon.
Unsecured line of credit
This option comes with a higher interest rate as it isn’t secured by any assets or collateral. However, the biggest advantage of an unsecured line of credit is that they are approved quicker and with less paperwork than secured lines of credit.