Tap your home equity, whenever you need it.
Borrow up to 65% of your home's value as a flexible line of credit (up to 80% when combined with your mortgage). Pay interest only on what you use. Pay it back any time, no penalty — and re-borrow when you need it again.
Most Canadians who could benefit from a HELOC are paying credit card or unsecured line-of-credit interest at 8-21% — while sitting on 50%+ home equity that could be accessed at Prime + a margin (~6.20-6.95% today). The bank rarely volunteers this restructure because credit card interest is high-margin business for them. We model HELOC vs refinance vs readvanceable side-by-side and recommend the right tool for your actual usage pattern.
HELOCs are a strategic tool for Canadian homeowners with significant equity. Use them as an emergency fund, to stage a renovation, bridge a closing on a new property, fund a tax-loss harvesting strategy, or as deductible investment capital (Smith Manoeuvre). We help you decide whether a stand-alone HELOC, a readvanceable mortgage (Manulife One, Scotia STEP, RBC Homeline, TD HELOC, National Bank All-in-One), or a refinance is the right fit for your goals and rate-risk tolerance.
Why Canadians choose Mortgage Squad Advisors.
Three steps. No jargon. No pressure.
Confirm equity
We pull your current mortgage balance and order an appraisal to establish your accessible equity. 65% LTV stand-alone math: ($home value × 65%) - current mortgage balance = your max HELOC limit.
Match the lender
Not all Canadian lenders price HELOCs the same. We shop margin (P+0.50% to P+1.00% range) plus product type — stand-alone vs readvanceable. Some lenders include the HELOC at no extra setup; others charge a registration fee.
Set up and use
After funding, draw via your bank account, online banking, branded HELOC chequebook, or sometimes a linked credit card. Most lenders allow $5K+ draws with no maximum number of draws. Repay anytime without penalty.
“We set up a $180K HELOC three years ago as an emergency buffer and didn’t touch it for two years. When the basement flooded last March we drew $40K, fixed everything, and paid it back over 14 months. No application stress, no credit hit, no awkward conversations with the bank. It was just there.”