A recent Global and Mail article by Rob Carrick pointed out the interest-rate threats to people who are current borrowers. He highlighted the action TD Bank is taking which will impact their clients who have a home-equity lines of credit (HELOCs). Effective June 3, 2018, ALL TD clients with a HELOC will see the rate on their credit lines rise by an average 0.2% or to 0.5%, depending on their specific scenario.
HELOCs are revolving lines of credit that allow you to borrow the equity in your home. Here is how it works, as you pay off your mortgage and build equity in your home, a HELOC gives you the ability to re-borrow a portion of these funds. They have always been designed as a temporary tool that gives you the flexibility over the short term in case you need money for renovations, debt consolidation or emergencies.
In the following video blog, MonsterMortgage.ca’s Principal Broker Vince Gaetano shares his insights, opinions and the facts TD Bank won’t tell you so that they will end up profiting…
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