What Most People Don’t Know About Their HELOC (Home Equity Line Of Credit) - The Rob Campbell Mortgage Team

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  • What Most People Don’t Know About Their HELOC (Home Equity Line Of Credit)

    The Financial Consumer Agency of Canada released a report today regarding the state of HELOC’s (Home Equity Lines Of Credit) here in Canada.

    The findings were shocking. Here are some takeaways:

    • About 1/4  of Canadians are only making the bare minimum on their payments, the report finds.
    • 41% of 25-34 Year Old Canadian home owners were making minimum payments every month.
    • 22% polled were using the Home Equity Line Of Credit for debt consolidations.
    • 70% of owners did not know that there are fees to transfer the HELOC to another lender.
    • 85% of owners did not know that the Interest Rate on their HELOC can be increased at any time by their lender
    • 88% of Canadian home owners did not know there is a maximum limit on a HELOC to 65% of your homes value

    What do you think about the findings, did you find any of these answers to be a surprise?

    Comment below!

    (source: https://www.canada.ca/en/financial-consumer-agency/programs/research/home-equity-lines-credit-consumer-knowledge-behaviour.html)

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