You planned your dream renovation. You took out some equity in your home, in the form of a HELOC (or home equity line of credit) to pay for the costs. And now you're finding, maybe several months or even a year later, that you haven't paid anything towards the principal balance.
With interest rates so low on HELOCs and interest-only payments, the HELOC is an appealing short-term option. However, using a HELOC for a long-term strategy may not work for many Canadians, who may find their original balance never decreases.
If you're in a similar situation, it may be worthwhile to make a quick call to one of our Bob Hanscom Mortgage Agency associates. We're here to help.
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