Home Equity Line of Credit (HELOC) in Canada
Quick answer
Quick answer (Canada): A HELOC is a revolving line secured by your home. You borrow what you need, repay, and borrow again, paying interest only on the balance you use. Approval looks at income, credit, property value, and loan-to-value limits. We package your file once and compare banks, credit unions, and readvanceable options to keep flexibility high and cost low.
See: HELOC Calculator · LTV Calculator · Mortgage Payment Calculator · Closing Costs
Consumer guidance on HELOCs and home equity borrowing is published by the Financial Consumer Agency of Canada. Review FCAC resources before you proceed.
Flexible, affordable borrowing using the equity in your home. We compare 100+ lenders and design the right structure, from re-advanceable mortgages to standalone HELOCs, so you keep payments light and options open.
HELOC Pain Points, Solved with Genesis Group
- Not sure how much equity you can access. We verify value and map loan-to-value limits so you know your real room.
- Worried about payments. Interest-only on what you use, with clear projections for different balances.
- Bank declined or too slow. We place with credit unions or alt programs that fit your file and timeline.
- Need both lump sum and flexibility. Combine a refinance for the big item with a HELOC for ongoing needs.
- Fees and fine print. Transparent costs and terms, plus guidance on readvanceable features and sub-limits.
- Future plans may change. Structure that makes it easy to prepay, lock portions, or switch later.
Why Choose Genesis Group for Your HELOC
- 100+ lenders compared. From big-bank readvanceables to flexible credit-union lines.
- Smart structure. Standalone HELOC, mortgage plus HELOC, or a hybrid that balances cost and access.
- Fast answers. One clean package, fewer back-and-forths, clear conditions.
- Payment control. Interest-only flexibility with options to lock chunks into fixed terms later.
- Licensed and transparent. FSRA-licensed, with upfront costs and plain-English terms.
What Can You Use a HELOC For
Home Renovations
Finance upgrades and pay interest only on the funds you draw.
Plan your renoDebt Consolidation
Replace high-interest balances with a lower-cost secured line.
See your savingsEducation and Family Support
Cover tuition or gift funds with a compliant letter and light payments.
Ask about gift rulesEmergency Buffer
Keep a ready line for surprises so you avoid costly short-term debt.
Set your limitInvestment Opportunities
Access capital quickly. We outline risks, tax notes, and exit plans.
Talk strategyTools: HELOC Calculator · LTV Calculator · Payment Calculator · Closing Costs
Our Process
Simple, flexible, and fast. Here is how we open a HELOC that fits your plans.
- Apply in minutes. Share your goals and connect documents securely.
- We verify value and ratios. Right-size your limit within LTV rules.
- Lenders compete. We compare banks and credit unions for pricing and features.
- Appraisal and legal. We coordinate the steps and keep timing tight.
- Draw when ready. Interest-only on use, with options to lock portions later.
Soft check • No impact on credit • FSRA-licensed
Discover the Key Benefits of Choosing HELOC
with Genesis Group.
⭐⭐⭐⭐⭐ Experience Guaranteed
Had a great experience dealing with Brittney. Fantastic communication and really worked for me and my needs. Will never go anywhere else for my financial needs
Mark Winter
11/13/2024If getting a mortgage was an Olympic sport, these guys would take gold—blindfolded, on a unicycle, while juggling flaming swords. They made the process so smooth, I was half convinced... read more
Samantha L
09/13/2024Was a great experience working with Kirk and his team. They not only helped me refinance my mortgage on my house, they also assisted me in a commercial business acquisition.... read more
Sean P.
02/21/2024Kirk is a class act! He helped me with my first home property mortgage and couldn’t have asked for a more professional person to deal with. Him and his team... read more
Lui Vescio Jr.
12/13/2024The Genesis Group exceeded my expectations! Purchasing an investment can be a scary process especially during this unprecedented time. I had the pleasure of working with Kirk and his assistant... read more
S T
01/13/2023Could not say enough about The Genesis Group. The level of dedication, professionalism, and knowledge is unmatched. When dealing with such a big life decision like buying a house -... read more
Maria Woychyshyn
11/13/2024From the very first meeting to the joyous moment of receiving my keys, The Genesis Group, under the astute leadership of Kirk Bryan, has been nothing short of spectacular in... read more
Rohan Germain
01/13/2024As a first-time homebuyer, navigating the mortgage process can be incredibly daunting, but The Genesis Group made it not only manageable but truly rewarding. I had the distinct pleasure of... read more
Rohan Spence
05/13/2024My partner and I have been in our first home for over a month now and we cannot thank Kirk and The Genesis Team enough! Kirk was patient, professional, supportive,... read more
stephanie B
01/13/2023
Gain access to our vast network of 100+ lenders offering tailored residential mortgages to suit your financial needs.
Real HELOC results across Canada
Family support, Ontario
HELOC set up to gift an $80k down payment with manageable carrying cost.
Read case studyBridge and timing, BC
Interest-only buffer while listing a home to avoid rushed decisions.
Read case studyOwner strategy, Ontario
Paired a HELOC with a refinance to fund improvements and keep flexibility.
Read case studyMore wins: Debt consolidation · Retirement planning · See all case studies
FAQs About Home Equity Line of Credit (HELOC) in Canada
What is a HELOC in Canada and how does it work?
A HELOC is a revolving line of credit secured by your home. You draw funds as needed, repay, then draw again. You pay interest only on the balance you use. Approval looks at income, credit, property value, and loan to value rules. Start with the HELOC Calculator and LTV Calculator.
How much can I borrow with a HELOC in Canada and do I need an appraisal?
Your limit depends on home value, existing mortgage balance, occupancy, and lender policy. Many files require a recent appraisal to confirm market value. We right size the limit within loan to value caps and order an appraisal at the right time to keep costs low.
HELOC vs refinance in Canada. Which is better for renovations or debt consolidation?
A refinance gives a lump sum with a set rate and amortization. A HELOC gives flexible, interest only access on what you use. Renovations that draw in stages often suit a HELOC. Large payouts for consolidation can favour a refinance or a blend of both. Compare scenarios with the Mortgage Payment Calculator.
How are HELOC interest rates set in Canada and can my payment change?
HELOC rates are usually variable and priced as a spread over a lender prime rate. When prime changes, your interest cost changes. Payments are interest only unless you choose to pay more. You can lock a portion into a fixed term with many readvanceable products.
Can I get a HELOC if I am self employed or my bank said no?
Yes. Credit unions and alternative lenders may allow bank statement analysis and reasonability tests. We package your file once, compare 100 plus lenders, and place you where the structure fits. Later we plan a path back to bank pricing when eligible.
What are typical HELOC uses in Canada and are there risks I should consider?
Common uses include renovations, debt consolidation, education, emergency buffer, and investment opportunities. Risks include variable rates, overspending, and using short term borrowing for long term needs. We set clear limits and a repayment plan. Learn the cost items in the Closing Costs Guide.
How fast can I open a HELOC in Canada and what documents do I need?
Straightforward files can complete in two to four weeks. Expect photo ID, income proofs, property tax bill, mortgage statement, and 90 days of proof for debts you plan to clear. Some lenders require an appraisal and a lawyer to register the charge. We coordinate each step and keep timing tight.
Helpful tools and guides
Plan limits, payments, and costs before you draw.
- HELOC Calculator — estimate interest-only payments at different balances.
- Loan-to-Value Calculator — check your equity room.
- Mortgage Payment Calculator — model a term if you lock part of the balance.
- Closing Costs Guide — legal, appraisal, and title items.
Get started
Ready to unlock flexible, affordable borrowing. We will tailor a HELOC that fits today and adapts for tomorrow.
Soft check • No impact on credit • FSRA-licensed
