The End of Easy HELOC's?

NEWS - According to OSFI (Office of the Superintendent of Financial Institutions) changes may be coming that will restrict the amounts you may potentially borrow through a Line of Credit on your home. These LOC's, know as HELOC's or Home Equity Lines of Credit, are the least expensive access to borrowing cash as the loan is secured against the value of your home and typically run at Bank of Canada Prime +.50%.

If you've been considering adding one of these to your current mortgage, at renewal or during a refinance, now is the time before these rules change. Please reach out at 604-618-2017 or email me at krista@kristakleinmortgages.ca to discuss your plans and why a HELOC is something you may wish to add on or increase while you still can.