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Home equity
line of credit

The credit you need, at a rate you’ll love.

Borrow from 2.75%

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The HELOC. A smarter way to borrow.

A home equity line of credit (HELOC), is a line of credit secured by the equity in your home. Because it’s secured by an asset (your home), you can usually get a higher limit and a better rate than you would with other types of credit (like a regular loan or a credit card). This makes a HELOC perfect for larger purchases like a new vehicle or a home reno project. And if you need it right away, it’s always there for you.

 
 

Reasons to love your HELOC

  • Borrow up to 65% of your home’s value, and pay back the principal anytime
  • You never need to reapply. Your line of credit is there whenever you need it
  • You only pay interest on the amount you borrow
  • Potential for a lower interest rate than an unsecured loan or a credit card
  • Flexible payment options, including interest-only payments
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How to use your HELOC

You can get funds from your HELOC easily at an ATM – just make sure your debit card is set up for access.

You can also transfer funds from your HELOC to your chequing or savings account online or with the motusbank mobile app. Simply log in and transfer money when you need it.

Interest payments will come out of your account every month, automatically, and if you want to set up regular payments or make a lump sum payment, you can do that anytime.

Check out our handy FAQs to learn more about how the HELOC works. The government of Canada has some great resources too. Learn more about getting a home equity line of credit

Frequently asked questions

 
 

5 reasons to consider a home equity line of credit (HELOC)

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