01
Borrow as you need it
A home equity line of credit provides a revolving limit. Interest applies to the amount drawn, and repaid credit may be available to use again.
02
Plan for rate changes
Rates are usually variable. Interest-only payments may leave the balance unchanged, so set a repayment target and consider how a higher rate would affect your budget.
03
Compare with a mortgage
Ask about total secured borrowing, appraisal and legal fees, access conditions and repayment obligations. Your home is collateral and can be at risk if you do not meet the agreement.
Bring to your conversation
- Property value and current mortgage balance
- Amount and purpose of borrowing
- Income and repayment budget
General information only. Product availability, eligibility and conditions vary by lender and application.