Home equity & HELOC
A Home Equity Line of Credit turns the value you’ve built in your home into flexible, low-cost credit you can draw on whenever life calls for it.
What is a HELOC?
A HELOC is a revolving credit line secured against your home. Unlike a loan, you’re approved once and then borrow, repay, and re-borrow as needed — paying interest only on what you actually use, at rates far below unsecured credit.
- Flexible access: cheque, online transfer, or card — funds when you need them
- Interest-only minimums: keep payments light and pay down principal on your schedule
- Combine with a mortgage: readvanceable setups grow your credit room as you pay your mortgage down
- Stand-by security: costs nothing when unused — many clients open one simply as an emergency fund
Popular uses
Renovations, a child’s education, helping kids with their own down payment, investing, bridging the gap between buying and selling, or consolidating higher-interest debt. In Canada you can typically access up to 80% of your home’s value across your mortgage and HELOC combined (the HELOC portion itself capped at 65%).
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Frequently asked questions
HELOC vs refinancing — what’s the difference?
How much can I borrow?
Do I pay anything if I don’t use it?
Can I get a HELOC with bruised credit?
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