HELOC Ontario

HELOC in Ontario: Home Equity Line of Credit

You want access to your equity without borrowing a lump sum you may not fully use. That is the problem a home equity line of credit, or HELOC, solves: a revolving line secured against your home, drawing what you need when you need it. It is flexible and often cheaper than other equity options.We are an FSRA-licensed Ontario mortgage brokerage, not a lender. We help you find a HELOC that fits, including cases where a bank has said no; that is one lender's answer, not the market's. Subject to qualification.

Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.

Talk to a broker Call (647) 542-6100

FSRA Brokerage #13449Â·Hardeep Batoo, Broker Licence #M13002408Â·Ontario-wideÂ·Independent advice

The basics

How does a HELOC work?

A HELOC is revolving credit secured by your home. You can draw, repay, and draw again, often paying interest only on what you use. The revolving portion is usually capped (commonly up to 65 percent of your home's value) within an overall limit, and qualification still applies.

Unlike a lump-sum loan, a HELOC is a line you draw from as needed. You typically pay interest only on the balance you use, which keeps payments flexible. The line is secured against your home, so the rate is usually lower than unsecured credit. The trade-off is discipline: because it is revolving and interest-only is an option, the balance can linger if you do not pay down principal.

How much can you access?

The standalone HELOC portion is usually capped at 65 percent of your home's value, while the combined limit of your mortgage plus HELOC is usually capped at 80 percent of value, with any portion above 65 percent required to be amortizing. (Source: OSFI B-20.) Your actual limit depends on your equity, income, and the lender, subject to qualification.

HELOC, home equity loan, or second mortgage

HELOC

StructureRevolving line

AccessDraw as needed

Best whenYou want flexible, ongoing access

Home equity loan

StructureLump-sum loan

AccessOne-time amount

Best whenYou want a fixed lump sum

Second mortgage

StructureLump-sum loan behind the first

AccessOne-time amount

Best whenYou want funds without breaking the first, often via private/B lenders

	HELOC	Home equity loan	Second mortgage
Structure	Revolving line	Lump-sum loan	Lump-sum loan behind the first
Access	Draw as needed	One-time amount	One-time amount
Best when	You want flexible, ongoing access	You want a fixed lump sum	You want funds without breaking the first, often via private/B lenders

See home equity loan and second mortgage.

What does a HELOC cost, and how do you qualify?

A HELOC's rate is usually variable and tied to the lender's prime rate. Qualification considers your equity, income, and credit. We do not post rates here because they depend on your file; for context see mortgage rates.

Why a broker

When a broker helps

If your bank declined a HELOC, or your situation is not a clean fit, a broker can reach other lenders. We review your equity and goal and find an option that fits, subject to qualification and lender review.

That reach is concrete: more than 50 lenders, and over $1 billion in mortgage funding arranged since December 2021.

If the HELOC is the right product, we'll get you the best available rate. If it isn't, we'll tell you what is.

Our lender network →

FAQ

Frequently Asked Questions - HELOC Ontario

What is a HELOC and how does it work in Ontario?+

It is a revolving line of credit secured by your home. You draw what you need, often paying interest only on the balance used, subject to qualification.

How much can I borrow on a HELOC?+

The standalone HELOC portion is usually capped at 65 percent of your home's value, within a combined mortgage-plus-HELOC cap of usually 80 percent, subject to your equity, income, and the lender. (Source: OSFI B-20.)

HELOC or home equity loan?+

A HELOC is revolving and flexible; a home equity loan is a fixed lump sum. Which fits depends on whether you want ongoing access or a set amount.

What does a HELOC cost?+

Usually a variable rate tied to prime, secured against your home. The exact rate depends on your file and the lender.

Can a broker help if my bank declined a HELOC?+

Yes. We can take your file to other lenders and find an option that fits, subject to qualification.

How long does it take to set up a HELOC?+

Timing varies by lender and usually involves an appraisal and legal setup, often a matter of weeks once documents are in. No timeline is promised until a lender commits.

Does it cost anything to ask a broker about a HELOC?+

The conversation is free, with no obligation. On most HELOC files the lender pays the broker; any fee that applies is shown in writing first.

Find the right way to use your equity

Tell us how you want to use your equity and we will tell you whether a HELOC, a home equity loan, or a second mortgage fits best. No cost, no obligation.

What happens next:
A short call about your equity and what you want it to do, free and without pressure. Then we compare lenders and show you the realistic options, costs included. The same broker stays on your file through setup. No limit or approval is promised before lender review.

Apply Call (647) 542-6100

HELOC rates are variable and subject to Prime rate changes. Qualification is subject to lender approval, income and credit review, property appraisal, and federal mortgage rules. O.A.C. E.&O.E.

FSRA Brokerage #13449 Â· Hardeep Batoo, Broker Licence #M13002408 Â· Ontario-wide

Explore

HELOC in Ontario: Home Equity Line of Credit

How does a HELOC work?

How much can you access?

HELOC, home equity loan, or second mortgage

What does a HELOC cost, and how do you qualify?

When a broker helps

Frequently Asked Questions - HELOC Ontario

Find the right way to use your equity

Related Pages

Equity Access

Related

Company