Thanks! I think there’s some key “point” that we’re missing after watching as many YT videos we can shake a stick at. How is one paid off? How is it measured? – thanks good people
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The key points of a HELOC are 1 – by putting your home up as collateral you can get a lower interest rate compared to a typical line of credit or credit card, and 2 – you can get a very large amount of credit based on how much equity you have. Generally banks would allow you to carry up to 80% of your homes value between your HELOC and your primary mortgage. In Canada, where you renew your mortgage every 5 years, you also can typically roll your HELOC balance into your mortgage at renewal. Not saying that is a good idea, but it’s a thing people do.
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