HELOC & Line of Credit
"I want access to funds when I need them, not all at once."
A Home Equity Line of Credit gives you on-demand access to funds at prime-based rates. Pay interest only on what you use, then re-borrow as you pay down — perfect for staged projects or investment opportunities.
- Pay interest only on what you draw
- Re-borrow as the balance is paid down
- Prime-based variable pricing
- Up to 65% LTV (combined up to 80%)
Get Pre-Qualified
Tell us what you're financing
Last updated 2026-07-10
Who a heloc & line of credit is — and isn't — for
- Owners planning staged renovations over 1–3 years
- Investors using the Smith Manoeuvre or funding investment property deposits
- Owners wanting a safety-net line for cash-flow shocks
- Owners who will spend the full limit immediately on a fixed purpose — a refinance is cheaper
- Owners who don't trust themselves with revolving credit — the temptation is real
Myths vs. reality
HELOC rates are always the cheapest way to borrow.
They're cheap relative to unsecured debt, but for large long-term needs a full refinance is usually cheaper — HELOC prime+premium adds up over years.
You can always draw your full HELOC limit.
Lenders reserve the right to freeze or reduce limits, especially in a market downturn. Don't treat a HELOC limit as guaranteed committed capital.
HELOC vs. Refinance vs. Personal Line of Credit
| HELOC | Refinance | Personal LOC (Unsecured) | |
|---|---|---|---|
| Secured by | Home | Home | Nothing |
| Rate | Prime + 0.5–1% | Fixed or variable market rate | Prime + 2–8% |
| Access | Revolving | Lump sum | Revolving |
| Payments | Interest-only minimum | Amortized P&I | Interest-only minimum |
| Setup cost | Legal + appraisal | Legal + appraisal | $0 |
Common questions
Real answers from a licensed Ontario mortgage broker.
HELOC & Line of Credit across Ontario
HELOC & Line of Credit
in Toronto
HELOC & Line of Credit
in Mississauga
HELOC & Line of Credit
in Brampton
HELOC & Line of Credit
in Vaughan
HELOC & Line of Credit
in Markham
HELOC & Line of Credit
in Oakville
HELOC & Line of Credit
in Burlington
HELOC & Line of Credit
in Hamilton
HELOC & Line of Credit
in Ottawa
HELOC & Line of Credit
in London
HELOC & Line of Credit
in Kitchener
HELOC & Line of Credit
in Richmond Hill
About the broker
Jay Klair
Licensed Mortgage Agent Level 2 · License M09000869
Jay Klair is a licensed Ontario mortgage broker with 15+ years of experience helping over 500 families across the province — including specialists work in mortgage renewals, refinance, private mortgages, reverse mortgages, HELOCs, construction financing, debt consolidation, and self-employed mortgages.
Licensed through Real Mortgage Associates (FSRA #10464), part of the DLGC Group of Companies, with access to 50+ lenders across prime, alternative, and private channels. Serving Ontario in English, Punjabi, and Hindi.
Other services
Home Purchase Mortgage
From your first home to your forever home, we shop 50+ lenders to secure the sharpest rate and the right structure — with a pre-approval that actually holds up when you're competing for the offer.
Learn moreMortgage Refinance
Your home's equity is working capital waiting to be unlocked. Whether you need to consolidate debt, fund renovations, or invest — a smart refinance can dramatically improve your monthly cash flow.
Learn moreReverse Mortgage
Access your home's value tax-free with no monthly payments required. Ideal for Canadian homeowners 55+ looking to supplement retirement income, fund renovations, or consolidate debt.
Learn moreReady to see your options?
Free, confidential, no obligation. Most clients hear back from Jay the same business day.
- Free, no-obligation consultation
- Response within 24 hours
- 100% confidential
- Solutions for every situation