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Your home has value. Access the equity you have built to cover major expenses, eliminate high-interest debt, or handle unexpected costs — no perfect credit required.
Takes 30 seconds. No credit check required.
A Home Equity Line of Credit (HELOC) lets you tap into the equity you have built in your home — on your own schedule, at any time, up to your approved limit. Unlike a second mortgage where you receive a lump sum, a HELOC works like a revolving credit line: you borrow what you need, repay it, and borrow again. At Mortgagefy, we connect homeowners across Canada with lenders offering competitive HELOC rates and flexible terms.
A HELOC is secured against your home, which means the interest rate is significantly lower than unsecured credit. Most lenders allow you to borrow up to 80% of your home’s appraised value minus your outstanding mortgage balance. You pay interest only on the amount you actually draw, making it one of the most flexible and cost-effective borrowing tools available to Canadian homeowners.
If you need a large, one-time sum — for example to pay off a tax debt or fund a major purchase — a second mortgage may be more appropriate. If you need flexible, ongoing access to funds over months or years, a HELOC is usually the better tool. Our agents will review your situation and help you choose the right structure for your goals and budget.
What are current HELOC rates in Canada?HELOCs are typically priced at prime rate plus a small spread (0.5%–1%). As of early 2026, that puts most HELOCs in the 5.2%–6.5% range depending on the lender and your profile.
Can I get a HELOC with bad credit?Traditional HELOCs require good credit. However, if you have significant equity, we may be able to arrange a private or B-lender equity line at a slightly higher rate. Contact us to discuss your options.
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Tell us about your situation. We review your needs, goals, and financial picture — quick and confidential.
We compare rates and terms from our network of banks, credit unions, B-lenders, and private lenders to find your best match.
Once you choose your best option, we handle the paperwork and guide you through to funding — fast and stress-free.
Fully licensed and regulated in Ontario. Your interests are legally protected.
Clear terms, honest guidance, and a dedicated agent working to get you the best deal.
Pre-approvals in 24 hours. Private lender funding in as little as 48 hours when time is critical.
We shop your application across banks, credit unions, B-lenders, and private lenders Canada-wide.
Get a personalized rate quote in under 60 seconds. No hard credit check required.
Fully licensed, operating under 8Twelve Mortgage Corporation (Lic#13072).
Access to Canada's largest network of banks, credit unions, B-lenders, and private lenders.
Get a response within 2 business hours. Many approvals within 24-48 hours.
Expert guidance with zero pressure. We work for you, not the banks.
A licensed mortgage agent will personally review your situation and call you back within 2 hours. No pressure, just expert guidance.
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Mortgage services provided by 8Twelve Mortgage Corporation, licensed mortgage brokerage (Lic#13072).
Have questions about your mortgage options? Book a quick call with a licensed agent — no pressure, no obligation.
