Rental Mortgage HELOCHELOC stands for "home equity line of credit". HELOC's are usually registered to a maximum amortization of 25 years and the minimum payment required each month is interest only. More money can be paid towards the HELOC at any time to ensure it gets paid down faster. A HELOC works as a great top up mortgage on top of your existing mortgage when the payout penalty on current first mortgage is too high or does not make sense to pay out. A HELOC can be for a rental purchase or a refinance. To qualify for a HELOC against a rental property, you must meet the lenders minimum credit requirements and must qualify on the chartered bench mark rate as seen on our home page of this site. |