How to Increase Your Tangerine HELOC

Mortgage Rates Dip To Lowest Point On RecordLet’s say you have $50,000 in home equity and want a bigger line of credit. You could pay off your existing HELOC, but the interest rate is low and you don’t want to lose that money by paying off a high-interest loan. Instead, you can apply for an increase on your existing Tangerine Home Equity Line of Credit (HELOC) – which is quick and easy! We’ll go over the steps to take:


Log in to your home equity account


You will need both your account number and password. If you don’t know the answer to either of these, visit the “Forgot your password?” section on the login page for instructions on how to reset it. You can also access your account via the Tangerine mobile app by selecting “Home Equity” from the menu bar at the bottom of any page in any tab and entering your login information there as well.


Click on the “Increase My Limit” button


To increase your HELOC limit, click on the “Increase My Limit” button in the top right corner of your screen. This button will say “Increase My Limit” in yellow and green letters.


Answer a few questions about your financial position


To be approved for a Tangerine HELOC, you must answer a few financial questions. These questions are similar to those on the loan application of any other type of loan, but they will not affect your credit score. In fact, they’re designed specifically so that you can apply for this product even if your credit is less than perfect (and thereby possibly reduce the amount you end up paying).


The purpose of these questions is simply to determine whether or not you have sufficient income and assets available to pay back what you borrow—they don’t care about your credit history at all! This means that if you have high-quality assets that can serve as collateral in case things go wrong and ensure repayment by way of foreclosure on these assets (which is common), then your ability to repay may be strong enough even if there were no other reason for approval besides having those assets available for foreclosure.


The Tangerine team will review your application within 24 hours


Once you’ve submitted your application, the Tangerine team will review it within 24 hours. If they need more information or have questions about any parts of your submission, they’ll reach out to you directly. If the team approves your HELOC, they’ll send you an email with their decision letter and a welcome letter to let you know about all the perks that come with having one.


There you have it! As you can see, applying for a Tangerine HELOC is simple and fast. If you already have an equity line with us, then all you need to do is log in and click on the “Increase My Limit” button to apply for an increase. Alternatively, if you don’t have a line with us yet but would like one then please contact one of our knowledgeable Mortgage Advisors who will be happy to help answer any questions that may come up during your application process.