What is the difference between bringing an excellent HELOC and you will refinancing my personal mortgage?
Whilst you may potentially qualify for a credit limit away from upwards in order to 65% of your residence’s worth, your genuine limit is at the mercy of an inconvenience sample similar on mortgage be concerned try. Banking companies and other federally regulated lenders use the higher of either:
- the financial institution from Canada five-seasons standard price, already set to 5.25 %, and you will
- the discussed rate of interest also 2%.
to choose your own credit limit.