Home Equity Lines of Credit (HELOC)
Unlock the value in your home with flexible access to funds when you need them
What is a Home Equity Line of Credit?
A revolving line of credit secured by the equity in your home
A HELOC works like a credit card, allowing you to borrow against your home's equity up to a predetermined limit. You can draw funds as needed during the draw period, typically 5-10 years, and only pay interest on what you use. After the draw period, you enter the repayment period where you pay back both principal and interest.
Popular Uses for a HELOC
Flexible financing for life's major expenses
Kitchen remodels, bathroom upgrades, or adding an addition
Pay off high-interest credit cards and simplify payments
Finance college tuition or continuing education
Have funds available for unexpected expenses
Finance investment properties or business ventures
Cover major medical procedures or ongoing care
How a HELOC Works
Access funds as needed up to your credit limit. Make interest-only payments or pay down principal.
No more draws allowed. Pay back principal and interest on outstanding balance.
HELOC vs Home Equity Loan
Revolving line of credit
Variable interest rate
Draw funds as needed
Interest-only payments during draw period
Flexibility to borrow, repay, and reborrow
Great for ongoing projects
Lump sum payment
Fixed interest rate
One-time disbursement
Fixed monthly payments
Predictable payment schedule
Great for one-time expenses
HELOC Qualification Requirements
Minimum 15-20% equity in your home (80-85% combined loan-to-value)
Minimum 620 credit score, 700+ for best rates
Total debt payments below 43% of gross income
Stable income and employment history
Current home value assessment required
Good mortgage payment history on current loan
Benefits of a HELOC
Rates typically lower than credit cards or personal loans
Borrow only what you need, when you need it
Interest may be tax-deductible if used for home improvements
Many HELOCs have no closing costs or annual fees
Repay and borrow again during draw period
Safety net for unexpected expenses
HELOC Calculator
Estimate your available credit and monthly payments
Available Equity
$200,000
Maximum HELOC Amount
$125,000
Estimated Monthly Interest Payment
$312.50
Combined Loan-to-Value Ratio
70.00%
The HELOC Application Process
Initial Consultation
Discuss your needs and determine if a HELOC is right for you
Pre-Qualification
Quick assessment of your equity and borrowing capacity
Formal Application
Submit application with income, credit, and property documentation
Home Appraisal
Professional valuation confirms current market value
Underwriting
Lender reviews application and approves credit line
Closing
Sign documents and activate your line of credit
Access Funds
Draw funds as needed using checks, transfers, or card
Factors That Affect Your HELOC Rate
Higher scores qualify for lower rates
Lower LTV means better rates
Most HELOCs are tied to the prime rate
Larger credit lines may have different pricing
What Our Clients Say
"Used my HELOC to renovate our kitchen and add a second bathroom. The flexibility to draw funds as needed was perfect for managing contractor payments."
Michael R.
Toronto, ON
"Consolidated $45,000 in credit card debt with my HELOC. Went from paying 19% interest to 7.5%. Saved over $500 per month!"
Sarah T.
Vancouver, BC
"Having a HELOC has been like having an emergency fund. When unexpected medical expenses came up, we had immediate access to funds without selling investments."
David L.
Calgary, AB
"The application process was straightforward and our mortgage broker explained everything clearly. We now have access to funds for our daughter's education."
Jennifer K.
Ottawa, ON
Frequently Asked Questions
Ready to Unlock Your Home's Equity?
Get started with your HELOC application today and gain flexible access to the funds you need