Home Equity Lines of Credit (HELOCs) have become increasingly popular among Canadian homeowners, as they provide access to funds using the equity built up in their properties. However, it is important to understand the pros and cons of HELOCs, such as the lower interest rate compared to other credit options, the variable interest rates, and the risk of over-borrowing. Additionally, banks have the right to call the loan due at any time, such as if there is a significant decline in the value of the property serving as collateral for the HELOC.
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