{"id":1569,"date":"2021-08-18T14:15:41","date_gmt":"2021-08-18T21:15:41","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=1569"},"modified":"2024-10-01T05:57:10","modified_gmt":"2024-10-01T12:57:10","slug":"home-equity-line-of-credit-explained","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/home-equity-line-of-credit-explained","title":{"rendered":"HELOC: What It Is and How It Works"},"content":{"rendered":"\n<p class=\"\">A home equity line of credit (HELOC) is a form of credit that uses your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-home-equity\">home equity<\/a> as collateral.<\/p>\n\n\n\n<p class=\"\">A HELOC can help you make major purchases or consolidate debt, often at a lower interest rate than you\u2019d pay using a credit card or personal loan.<\/p>\n\n\n\n<p class=\"\">Falling behind on HELOC payments could result in losing your home, so have a sound repayment plan before using this type of loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is a HELOC?<\/h3>\n\n\n\n<p class=\"\">A HELOC loan is a secured, revolving form of credit. \u201cSecured\u201d means that the loan is backed by your home; if you miss payments, your lender can take possession of your home. \u201c<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/understanding-revolving-credit\">Revolving credit<\/a>\u201d means that you can borrow up to the limit, but you don\u2019t need to tap it all at once. For instance, you could borrow a fraction of the limit to renovate a bathroom, and, the next year, you could borrow an additional amount to buy a boat. Credit cards are another example of revolving credit.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">HELOCs vs. home equity loans&nbsp;<\/h2>\n\n\n\n<p class=\"\">A HELOC and a home equity loan are similar in that they both use home equity as collateral. But they have some key differences:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>Home Equity Line of Credit<\/strong><\/td><td><strong>Home Equity Loan<\/strong><\/td><\/tr><tr><td><strong>How and when you access funds<\/strong><\/td><td>You only access funds as you need them, and you don\u2019t need to access the full amount at once. This is also called revolving credit \u2014 similar to a credit card.<\/td><td>You receive the full amount of your loan at once.<\/td><\/tr><tr><td><strong>Also called.<\/strong><\/td><td>HELOC.<\/td><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-does-a-second-mortgage-work\">Second mortgage.<\/a><\/td><\/tr><tr><td><strong>Maximum amount you can borrow.<\/strong><\/td><td>65% of your home\u2019s value.<\/td><td>80% of your home\u2019s value minus the amount of your outstanding mortgage.<\/td><\/tr><tr><td><strong>Type of interest rate.<\/strong><\/td><td>Variable rate only.<\/td><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fixed-vs-variable-mortgage\">Variable or fixed rates.<\/a><\/td><\/tr><tr><td><strong>Can you borrow more after paying back what you borrowed?<\/strong><\/td><td>Yes.<\/td><td>No, you\u2019ll need to apply for another home equity loan.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">How a HELOC works<\/h2>\n\n\n\n<p class=\"\">Like most credit products, you\u2019ll have to apply for a home equity line of credit.&nbsp;<\/p>\n\n\n\n<p class=\"\">To qualify, you\u2019ll need equity in your home. Most lenders want you to have at least 20%. You\u2019ll also need to provide:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Proof of homeownership and mortgage details.<\/li>\n\n\n\n<li class=\"\">Evidence of stable employment and a consistent income.<\/li>\n\n\n\n<li class=\"\">An appraisal of your home\u2019s current value.<\/li>\n\n\n\n<li class=\"\">An adequate <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/minimum-credit-score-for-mortgage-canada\">credit score<\/a>.<\/li>\n\n\n\n<li class=\"\">Manageable debt levels.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">You\u2019ll also be required to pass the same <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-stress-test\">stress test<\/a> lenders use when reviewing primary mortgage applications.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How much HELOC cash can you get?<\/h3>\n\n\n\n<p class=\"\">If your HELOC is combined with a mortgage, you can access a maximum of 65% of the property\u2019s market value. But your outstanding mortgage balance combined with your HELOC can\u2019t exceed 80% of the value of your home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">HELOC rates&nbsp;<\/h3>\n\n\n\n<p class=\"\">HELOC interest rates often consist of a lender\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/prime-rate-in-canada-explained\">prime rate<\/a> plus a fixed percentage. For example, if your HELOC interest rate is prime + 2%, and your lender\u2019s prime rate is 6%, the rate on your HELOC would be 8%.&nbsp;<\/p>\n\n\n\n<p class=\"\">Compared to credit card rates, which can be 19.99% or more, HELOCs tend to have favorable rates.<\/p>\n\n\n\n<p class=\"\">HELOC rates are typically variable, which means they fluctuate based on the Bank of Canada\u2019s overnight rate. Whenever the overnight rate increases or decreases, lenders\u2019 prime rates move the same amount in the same direction.<\/p>\n\n\n\n<p class=\"\">In some circumstances, you can negotiate a lower HELOC rate. In addition to demonstrating a strong, stable financial picture, you can share HELOC rate quotes you\u2019ve received from other lenders. It\u2019s also a good idea to check with lenders or financial institutions you already have a relationship with \u2014 they may be more flexible to retain your business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">HELOC fees&nbsp;<\/h3>\n\n\n\n<p class=\"\">When getting a HELOC, you can expect to pay the following:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Legal fees for registering the collateral charge on your home.&nbsp;<\/li>\n\n\n\n<li class=\"\">Title search fees.<\/li>\n\n\n\n<li class=\"\">Application fees.<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-home-appraisal\">Home appraisal<\/a> fees.<\/li>\n\n\n\n<li class=\"\">An origination fee.<\/li>\n\n\n\n<li class=\"\">Taxes.<\/li>\n\n\n\n<li class=\"\">A credit insurance fee.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">These fees can add up to thousands of dollars and are one of the reasons that arranging a HELOC is often more complicated and expensive than setting up an unsecured line of credit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Home equity line of credit combined with a mortgage<\/h2>\n\n\n\n<p class=\"\">A home equity line of credit combined with a mortgage is the most common type of HELOC. Most Canadian lenders offer this type of HELOC.&nbsp;<\/p>\n\n\n\n<p class=\"\">The mortgage portion is a standard home loan; you\u2019ll make regular payments that go toward both the principal and interest. The HELOC portion doesn\u2019t typically have a fixed payment schedule, and minimum payments are based only on interest (although you\u2019ll also need to pay off the principal, otherwise interest will continue to accrue).<\/p>\n\n\n\n<p class=\"\">As you pay off your mortgage, your equity increases. As a result, your lender can also increase the amount you can borrow with your HELOC. However, the value of a home is never guaranteed, and if the value of your home drops, your lender can reduce your line of credit.<\/p>\n\n\n\n<p class=\"has-lightest-yellow-background-color has-background\"><strong>Nerdy Tip:<\/strong> Some lenders brand HELOCs using different names or terms \u2014 \u201cHomeline Plan,\u201d for example.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Stand-alone home equity line of credit<\/h2>\n\n\n\n<p class=\"\">A stand-alone home equity line of credit doesn\u2019t include <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-does-a-mortgage-work\">a mortgage<\/a>. It\u2019s simply a revolving line of credit guaranteed by your home. Since this HELOC is not tied to your mortgage, your borrowing limit won\u2019t automatically rise as you pay down your mortgage principal.<\/p>\n\n\n\n<p class=\"\">Your borrowing limit is based on the amount of home equity you have when you apply for the HELOC, though lenders can adjust it in the future as your equity and your home\u2019s value change.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Accessing and paying off a HELOC<\/h2>\n\n\n\n<p class=\"\">With a HELOC, you\u2019re not borrowing a single lump sum upfront. Instead, you\u2019re opening a revolving line of credit that you can tap into as you choose. How much you use and when you decide to access it is up to you.&nbsp;<\/p>\n\n\n\n<p class=\"\">When paying back your HELOC funds, you\u2019re required to make minimum monthly payments, which are interest-only. But, like paying only the minimum amount on credit card debt, paying only the interest on a HELOC is costly in the long run. Any unpaid principal will continue to rack up interest charges until it\u2019s paid in full. You can pay off the principal in a single lump-sum or over time like you do with your mortgage.&nbsp;<\/p>\n\n\n\n<p class=\"\">A HELOC can provide access to much-needed funds, but it\u2019s best to have a plan to repay the entire amount before applying for one. Only borrow what you need to, and try to repay more than the minimum interest payments.&nbsp;<\/p>\n\n\n\n<p class=\"\">Alternatively, you could ask for a lower limit when applying, so you\u2019re not tempted to spend more than you should. Regardless of how you approach a HELOC, ensure that you understand the terms and conditions and are confident you can pay back your loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pros and cons of a home equity line of credit<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Pros<\/h3>\n\n\n\n<ul class=\"\">\n<li class=\"\">Open-ended credit can give you flexibility. Revolving debt can allow you to respond to financial needs or opportunities if they arise. Pay for renovations that will increase your home\u2019s value or consolidate higher-interest debt, for example.<\/li>\n\n\n\n<li class=\"\">Competitive interest rates. HELOC interest rates are typically lower than credit cards and personal loans.<\/li>\n\n\n\n<li class=\"\">Make interest-only payments. Minimum payments are based only on interest.<\/li>\n\n\n\n<li class=\"\">Easily make additional payments. There are no penalties when making prepayments.<\/li>\n\n\n\n<li class=\"\">Open-ended ability to borrow. This is not a lump-sum loan. You can borrow any amount \u2014 up to your limit \u2014 at any time.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Cons<\/h3>\n\n\n\n<ul class=\"\">\n<li class=\"\">You could lose your home. Missing payments could result in your lender taking possession of your home.<\/li>\n\n\n\n<li class=\"\">Interest-only minimums can mask the true cost of borrowing. Making minimum payments can add financial flexibility if you need it. But prolonging your repayment schedules means you\u2019ll end up paying more in the long run.<\/li>\n\n\n\n<li class=\"\">Risk of overspending. The max amount you can borrow might be huge, which may encourage you to spend more.<\/li>\n\n\n\n<li class=\"\">Switching lenders can be difficult. If you have a HELOC, you may need to pay it off in full before switching to a different lender.<\/li>\n\n\n\n<li class=\"\">Variable rates inject uncertainty. If you borrow a large amount and interest rates go up, you could be saddled with a repayment amount you can\u2019t easily meet.<\/li>\n<\/ul>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__with-icon is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\t\t\t<div class='c-block-in-house-promotion__image-wrapper'>\n\t\t\t\t<div class='c-block-in-house-promotion__image'>\n\t\t\t\t\t<img decoding=\"async\" class=\"c-block-in-house-promotion__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2024\/03\/Reddit_Icon_2Color.jpg\" alt=\"Ad Icon\" \/>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper c-block-in-house-promotion__no-image\">\n\t\t\t\n\t\t\t<h3 class=\"c-block-in-house-promotion__title\">Read up about HELOCs on Reddit<\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\tSee what Canadian Redditors are saying about this product.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/www.reddit.com\/r\/PersonalFinanceCanada\/comments\/1av4vaw\/heloc_in_canada\/\" target=\"_blank\" rel=\"noopener\" class=\"nw-cta track-click wp-block-button__link wp-element-button\" data-monetized=\"1\" data-placement=\"Promotional banner\">Visit Reddit<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Home Equity Loan<\/h2>\n\n\n\n<p class=\"\">With a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-home-equity-loan\">home equity loan<\/a>, you\u2019re taking out a second mortgage using your home\u2019s equity as collateral. You\u2019ll get the balance of the loan upfront and pay it off over time according to the terms of the contact. You could have a fixed or a variable interest rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Frequently asked questions about home equity lines of credit<\/h3>\n\n\n\n<p class=\"\"><strong>Do you have to pay back a HELOC?<\/strong><\/p>\n\n\n\n<p class=\"\">You absolutely have to pay back a home equity line of credit. HELOCs typically only require interest-only payments, but you still must pay back the original amount you borrowed to close the account. Until you do, your loan will continue to generate interest payments.<\/p>\n\n\n\n<p class=\"\"><strong>What does your credit score need to be to get a HELOC?<\/strong><\/p>\n\n\n\n<p class=\"\">Lenders have different standards, but a credit score of 620 is often enough. Better <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/get-a-better-credit-score\">credit scores<\/a> usually lead to lower interest rates. You will also need to pass a stress test and have your overall debt situation evaluated before a lender determines how large a HELOC to provide you.<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 class=\"c-block-accordion__title\">Frequently asked questions about home equity lines of credit<\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">Do you have to pay back a HELOC?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">You absolutely have to pay back a home equity line of credit. HELOCs typically only require interest-only payments, but you still must pay back the original amount you borrowed to close the account. Until you do, your loan will continue to generate interest payments.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">What does your credit score need to be to get a HELOC?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Lenders have different standards, but a credit score of 620 is often enough. Better <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/get-a-better-credit-score\">credit scores<\/a> usually lead to lower interest rates. You will also need to pass a stress test and have your overall debt situation evaluated before a lender determines how large a HELOC to provide you.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-100x100.jpeg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Kurt Woock photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<strong>Kurt Woock<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Kurt Woock started writing for NerdWallet in 2021 and has covered mortgages, cryptocurrency, electric vehicles and small business software. Prior to joining NerdWallet, Kurt worked for the Colorado Public Employees&#039;&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" title=\"Read more about Kurt Woock\">\n\t\t\t\t\t\t\t<span>Read more about Kurt Woock and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1550\" class=\"c-block-card post-1550 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-managing-your-mortgage cluster-mortgage-refinancing\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-to-Refinance-Your-Mortgage-in-Canada-e1629234593982-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Refinancing a Mortgage in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tRefinancing a Mortgage in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A mortgage refinance can help you tap into home equity and secure better mortgage terms. Find out how \u2014 and when \u2014 to do it.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1550 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4597\" class=\"c-block-card post-4597 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-rates cluster-compare-mortgage-rates\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-1270110980-e1647903056478-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"The Best Mortgage Rates in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tThe Best Mortgage Rates in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Quickly explore Canadian mortgage rates from bank and non-bank lenders. Find the best fixed or variable mortgage rate for your home buying needs.  <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4597 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-14245\" class=\"c-block-card post-14245 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1371867761-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Mortgage Payment Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tMortgage Payment Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use our mortgage payment calculator to estimate your monthly mortgage payments in Canada. Enter your loan details to get an accurate and quick assessment of your mortgage costs.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-14245 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-39055\" class=\"c-block-card post-39055 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-homeownership cluster-home-improvement\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/renovations-that-boost-home-value\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/06\/GettyImages-1158242307-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"4 Renovations That Boost Home Value (And How to Do Them for Less)\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/renovations-that-boost-home-value\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t4 Renovations That Boost Home Value (And How to Do Them for Less)\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Updating your kitchen, bathroom, windows and front door can positively impact home value. Here are tips for renovating on the cheap.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-39055 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A home equity line of credit, or HELOC, allows you to borrow money using your home equity as collateral. HELOC\u2019s are variable rate loans with interest-only payments.<\/p>\n","protected":false},"author":4,"featured_media":1570,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":"{\"@context\":\"http:\/\/schema.org\",\"@type\":\"Product\",\"name\":\"Home Equity Line of Credit (HELOC): What It Is and How It Works\",\"review\":{\"@type\":\"Review\",\"name\":\"Home Equity Line of Credit (HELOC): What It Is and How It Works\",\"author\":{\"@type\":\"Person\",\"name\":\"Post Author\"},\"positiveNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Open-ended credit can give you flexibility. Revolving debt can allow you to respond to financial needs or opportunities if they arise. Pay for renovations that will increase your home\u2019s value or consolidate higher-interest debt, for example.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Competitive interest rates. HELOC interest rates are typically lower than credit cards and personal loans.\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Make interest-only payments. Minimum payments are based only on interest.\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Easily make additional payments. There are no penalties when making prepayments.\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Open-ended ability to borrow. This is not a lump-sum loan. You can borrow any amount \u2014 up to your limit \u2014 at any time.\"}]},\"negativeNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"You could lose your home. Missing payments could result in your lender taking possession of your home.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Interest-only minimums can mask the true cost of borrowing. Making minimum payments can add financial flexibility if you need it. But prolonging your repayment schedules means you\u2019ll end up paying more in the long run.\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Risk of overspending. The max amount you can borrow might be huge, which may encourage you to spend more.\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Switching lenders can be difficult. If you have a HELOC, you may need to pay it off in full before switching to a different lender.\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Variable rates inject uncertainty. If you borrow a large amount and interest rates go up, you could be saddled with a repayment amount you can\u2019t easily meet.\"}]}}}"},"content-classification":[16],"topic":[120],"cluster":[244],"pp_author":[880,87],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HELOC: What It Is and How It Works<\/title>\n<meta name=\"description\" content=\"A home equity line of credit (HELOC) allows you to borrow money using your home equity as collateral. 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