HELOC in Newmarket Unlock Your Home Equity

A HELOC is a revolving line of credit secured by your home. You draw what you need, repay, and borrow again, paying interest only on the amount drawn. On its own a HELOC can be up to 65% of your home's value, and up to 80% when combined with your mortgage. Because it is secured by your home, borrow only what you can comfortably repay.

Lenders look at your home equity, income, credit and the property. Most want you to keep at least 20% equity after the line is set up. Requirements vary by lender, and alternative lenders and credit unions assess files differently.

HELOC rates are usually variable and quoted as prime plus a spread. See the rate cards on this page for the current example. Your rate depends on your credit, income, home value and the lender.

Yes. Renovations are a common use. You draw funds as the project progresses and pay interest only on what you have drawn. Typical projects include kitchens, bathrooms, basement finishing, additions and landscaping.

A HELOC gives you a revolving line and interest on the amount drawn. A refinance replaces your mortgage with a new one, usually for a lump sum, and a penalty may apply to break the old one. The right choice depends on your rate, term, penalty and how you plan to use the funds. We compare both for your file.

Options vary by lender. Some lenders accept alternative income documentation, and alternative or private lenders assess files differently. Each comes with different costs and trade-offs, and we explain them before you decide.

Any fee that applies to your file is disclosed in writing before you commit. On private files, lender fees and broker fees, where they apply, are disclosed in writing before you commit.

lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest. We serve Newmarket and communities across Ontario.