If you have a low balance on your mortgage, think about using a HELOC, or home equity line of credit, to pay it off.
â€œA generation ago, you'd get a mortgage and pay it off.. Currently, there are roughly three million active HELOCs across Canada, with an average balance of
You can use the equity in your home to get a home equity line of credit. Subsequently, you can use the funds.
Our Heloc calculator can help you with the payoff of your heloc or help you determine what the best option for you to pay off your mortgage with a heloc. Use our .
Use your heloc to pay your mortgage and funnel all your funds in and out of it like a checking account. The interest updates daily so you can pay down principal .
Canadians are good about repaying their mortgages, some even paying it off. a bit of savoir faire â€“ the Australian Method Home Equity Line of Credit (HELOC).