Do I have to refinance my existing first mortgage?
Not necessarily. A HELOC may be established as a separate lien, allowing you to retain your existing first mortgage, subject to eligibility and lien requirements.
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What is the difference between a home equity loan and a home equity lines of credit (HELOC)?
A HELOC provides revolving access to funds during its draw period. A home equity loan typically provides a lump sum with a set repayment schedule.
How much home equity loan can I borrow?
Your approved limit depends on factors such as your property value, existing liens, income, credit history, and underwriting requirements. A Loan Advisor can help you explore your options.
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