Home Equity Line of Credit (HELOC) Rates

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A Home Equity Line of Credit (HELOC) can help you tap into your home equity with the same flexibility as a typical line of credit or credit card and the low interest rates of a secured loan. You can borrow from and make payments to a HELOC at any time, and interest rates on HELOCs are typically much lower than other unsecured alternatives. Check out the latest rates.

Lender	Rate	Minimum Monthly Payment (Interest-only)
Citadel MortgagesGet Rate	2.65%	$221
Laurentian	2.70%	$225
motusbank	2.75%	$229
TD	2.95%	$246
RBC	2.95%	$246
CIBC	2.95%	$246
BMO	2.95%	$246
HSBC	3.20%	$267

HELOC Credit Limit Calculator

HELOC Advantages

Both mortgage refinancing and a home equity line of credit (HELOC) gives you access to your equity, but there are differences in when you can borrow, how much you can borrow, and costs associated with borrowing.

After deducting the current balance of your mortgage and other loans secured by your home, a mortgage refinance allows you to borrow up to 80% of the value of your home. Refinancing gives you a one-time lump-sum cash amount that you can then use for purposes such as debt consolidation or for investing. Interest will immediately start to accrue on this full borrowed amount.

A HELOC allows you to borrow up to 65% of the value of your home. If it is a standalone HELOC, your credit limit will not increase even as you make payments towards the mortgage principal. A HELOC is often bundled with a mortgage, which allows for your credit limit to increase as the mortgage principal is paid down. You will also only pay interest on the amount that you use.

RBC Homeline Plan®

The RBC Homeline Plan® is an all-in-one lending solution that combines a traditional mortgage with a HELOC (RBC Royal Credit Line®). One of its advantages is that you can lock-in a rate for your HELOC to protect yourself from interest rate fluctuations. You can also divide your mortgage into fixed-rate and variable-rate portions. For terms and eligibility, talk to your local RBC branch advisor.

Program	Term Length	Type	Rate
RBC Homeline Plan®	4-Year Fixed	Fixed	2.24%
RBC Homeline Plan®	5-Year Fixed	Fixed	2.22%
RBC Homeline Plan®	5-Year Variable	Variable	2.10%

BMO Readiline®

The BMO Homeowner ReadiLine® is BMO's combination mortgage and HELOC product. If you have 20% down-payment or equity in your home, you can borrow up to 80% of your home's value between a mortgage and line of credit. One of the features of Homeowner ReadiLine® is that your HELOC's credit limit increases as you make mortgage payments, allowing you to quickly tap into your extra home equity. For terms and eligibility, talk to your local BMO branch advisor.

Program	Term Length	Type	Rate
BMO Homeowner ReadiLine®	1-Year Fixed	Fixed	3.09%
BMO Homeowner ReadiLine®	2-Year Fixed	Fixed	3.29%
BMO Homeowner ReadiLine®	3-Year Fixed	Fixed	3.75%
BMO Homeowner ReadiLine®	4-Year Fixed	Fixed	4.24%
BMO Homeowner ReadiLine®	5-Year Fixed	Fixed	4.79%
BMO Homeowner ReadiLine®	5-Year Variable	Variable	2.45%
BMO Homeowner ReadiLine®	6-Year Fixed	Fixed	5.24%
BMO Homeowner ReadiLine®	7-Year Fixed	Fixed	5.40%
BMO Homeowner ReadiLine®	10-Year Fixed	Fixed	5.80%

The above content and rates are for informational and educational purposes only. WOWA assumes no liability for the accuracy of information presented, and will not be held responsible for any damages resulting from its use. Please check with your financial advisor to see if a HELOC or related product is right for you.