Home Equity Line of Credit (HELOC) Rates

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Best HELOC Rate in Canada:

2.7%

(Prime + 0.25%)
As of April 18th, 2021

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.

HELOC Amount:
LenderRateMinimum Monthly Payment
(Interest-only)
Laurentian
Laurentian
2.70%
$225
motusbank
motusbank
2.75%
$229
TD
TD
2.95%
$246
RBC
RBC
2.95%
$246
CIBC
CIBC
2.95%
$246
BMO
BMO
2.95%
$246
nuborrow
nuborrow
2.95%
$246

HELOC Credit Limit Calculator

Home Value:
Remaining Mortgage:
HELOC Credit Limit
$100,000

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.

HELOCMortgage Refinance Home Equity Loan
Only pay for what you borrow YesNoNo
Maxmium value of your home that you can borrow65%85%80%
Access to creditAnytimeOne-timeOne-time
TermRevolving(Open)Fixed(Closed)Fixed(Closed)
Required PaymentsInterest onlyInterest and principalInterest and principal

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.

HELOCMortgage Refinance Reverse Mortgage
Only pay for what you borrow YesNoNo
Maxmium value of your home that you can borrow65%85%55%
Access to creditAnytimeOne-timeFlexible
TermRevolving(Open)Fixed(Closed)Flexible/Life
Required PaymentsInterest onlyInterest and principalNone

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.

ProgramTerm LengthTypeRate
RBC Homeline Plan®
4-Year Fixed
Fixed
2.29%
RBC Homeline Plan®
5-Year Fixed
Fixed
2.39%
RBC Homeline Plan®
5-Year Variable
Variable
1.60%
Rates shown are for closed term installment payments only. For more information, please see your local branch advisor.

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.

ProgramTerm LengthTypeRate
BMO Homeowner ReadiLine®
1-Year Fixed
Fixed
2.79%
BMO Homeowner ReadiLine®
2-Year Fixed
Fixed
2.94%
BMO Homeowner ReadiLine®
3-Year Fixed
Fixed
3.49%
BMO Homeowner ReadiLine®
4-Year Fixed
Fixed
4.09%
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%
Rates shown are for closed term installment payments only. For more information, please see your local branch advisor.

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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.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.