Home Equity Line of Credit (HELOC) in Ontario
Flexible, revolving access to your home's equity — borrow only what you need, when you need it.
A HELOC turns your home equity into a flexible line of credit you can draw from, repay, and reuse. Pay interest only on what you use, at rates far below credit cards. It's ideal for renovations, an emergency fund, tuition, or bridging an investment — and I'll find the lender with the best terms and the lowest rate.
What you get
Borrow up to 65% standalone
Access up to 65% of your home's value as a standalone HELOC, or up to 80% combined with a mortgage.
Interest only on what you use
Your balance and payment flex with your needs — draw, repay, and redraw as often as you like.
Rates below credit cards
HELOC rates are a fraction of typical credit-card rates, making it a smart tool for larger expenses.
Always ready
Set it up once and keep it on standby — perfect as a low-cost emergency or opportunity fund.
Simple, from first call to close
We confirm your available equity and the right HELOC structure for your goals.
I match you to a lender with strong terms and a competitive rate.
Your line is set up and ready to draw whenever you need it.
How much a HELOC gives you
Two limits apply. A standalone HELOC can go to 65% of your home's value. Combined with a mortgage in a readvanceable package, the total reaches 80% — with the mortgage portion making up the difference above 65%.
On a $900,000 home with $400,000 owing: 80% is $720,000, so roughly $320,000 of credit is available in combination, of which up to $585,000 could sit in HELOC form if there were no mortgage at all.
HELOC, refinance, or second mortgage?
A HELOC is revolving. You are approved once, draw only what you need, and pay interest solely on the balance you use. Rates float with prime, and payments are typically interest-only. Ideal for staged renovations, an emergency buffer, or irregular self-employed income.
A refinance hands you the whole sum at once at a lower, usually fixed rate with a set amortization. Better for a single large need and for anyone who wants the debt on a schedule.
A second mortgage sits behind your first at a higher rate — for situations where breaking the first mortgage would cost more than the second one does.
The interest-only trap
A HELOC's minimum payment covers interest and nothing else. At current prime, $100,000 drawn costs a few hundred dollars a month — and after five years of paying it faithfully, you still owe exactly $100,000.
That flexibility is genuinely useful and genuinely dangerous, and which one it turns out to be depends entirely on whether you set your own repayment schedule. Treat the minimum as a floor, not a plan. Rates also move: because HELOCs float with prime, every Bank of Canada change hits your payment directly, unlike a fixed mortgage.
Qualifying for one
You must pass the stress test on the HELOC limit, not on what you intend to draw — approved for $200,000 means qualifying as though you owe $200,000. Lenders want reasonable credit, provable income, and an appraisal.
Rate is not the only comparison. Check whether it is standalone or readvanceable, whether there is an annual fee, and what happens at renewal of the attached mortgage. A HELOC bundled into a collateral charge can make switching lenders later harder and more expensive — worth knowing before you sign, not after.
Common questions
How much can I borrow with a HELOC?
Up to 65% of your home's appraised value as a standalone HELOC, or up to 80% when combined with a mortgage portion.
How is a HELOC different from a refinance?
A refinance gives you a lump sum on new mortgage terms; a HELOC is revolving credit you draw from as needed and only pay interest on what you use.
Do I have to use it right away?
No. Many clients set up a HELOC as a standby fund and only draw on it when an expense or opportunity arises.
Other programs
Let's get you approved
Free, no credit check, no obligation. See your best rate in 60 seconds.
