Secure Your Financial Future with a
Home Equity Line of Credit (HELOC)
Enhance the value of your home
Borrow only what you need, when you need
Lower your debt burden
Cost-effective borrowing option
What is a Home Equity Line of Credit?
At its core, a home equity line of credit in Canada is a flexible loan that lets you borrow money using the equity you’ve built up in your home as collateral.
Think of it like a credit card, but with a much larger limit based on your home’s value and a significantly lower interest rate. It’s a revolving line of credit, meaning you can borrow, repay, and re-borrow funds up to your credit limit.
You can borrow money up to a pre-set limit determined by the lender.
You can use as little or as much of the line of credit as you need.
Having the ability to access cash when needed is crucial in today’s economy. With job closures, layoffs and all of life’s unforeseen circumstances, a secured line of credit is a necessary lifeline.
How to Get a Home Equity Line of Credit?
Getting started with a HELOC involves understanding your financial situation and the equity you have in your home. Here’s a simple roadmap:
Assess Your Equity
Check how much equity you already have in your home. Generally, you can borrow up to 65% and in some cases even 80% of your home’s value minus any outstanding mortgages.
Check Your Credit Score
A good credit score may qualify you for the best rates. However, if you have less than perfect credit you’re still eligible to get HELOC.
Understand the Terms
Be sure you are comfortable with the terms, limitations, and fees associated with the HELOC option you choose.
No matter what your credit score is, Turnedaway.ca have an extensive network for all types of lenders who focus on your Home equity instead of credit score. Fill out our online application to get one-on-one consultation with our HELOC Specialists.
Key Features of a Home Equity Line of Credit
Financial Flexibility
Borrow what you need, when you need it, up to your credit limit.
Cost-Effective Borrowing
Save on interest with rates lower than unsecured loans or credit cards.
Revolving Credit
Access to a continuous source of funds without reapplying.
Interest-Only Payments
Option to make interest-only payments on the amount you use during the draw period.
Get Started Today !
Apply for a Home Equity Line of Credit with us and turn your dreams into reality. We provide support and guidance every step of the way, ensuring you make the best out of this opportunity.
Keep your financial flexibility at your fingertips—because your home isn’t just where your heart is, it’s where your financial freedom starts!
Qualify for Home Equity line of Credit Even with Bad Credit
Every homeowner deserves a chance to make the most out of their investment. Don’t let bad credit hold you back.
If you think having bad credit closes all doors, think again. Specialized bad credit HELOC offers are designed just for you. Even with a not-so-shining credit history, there are lenders ready to work with qualifying homeowners. They understand life happens, and sometimes, credit scores take hits as a result.
Apply for a Home Equity Line of Credit today, and turn your home’s equity into your next big opportunity.
Choose Turnedaway.ca for Bad Credit HELOC
We specialize in helping homeowners like you in Canada seize the potential of their home equity, even with a not-so-perfect credit history. Here’s why countless homeowners have trusted us:
Expert Guidance:
Navigating bad credit requires expertise; our seasoned advisors are here to help every step of the way.
Tailored Solutions:
Each homeowner’s situation is unique, and so should be their HELOC solution. We tailor each offer to fit your specific needs.
Transparent Processes:
With us, there are no hidden fees or surprises. Everything is clear from the get-go.
We make the process easier by helping you connect to the right lenders who can offer a HELOC that fits your needs.
HELOC vs. Home Equity Loan: What’s the Difference?
If you’re a homeowner in Canada looking to tap into your home’s equity, you’ve likely come across two common options: the Home Equity Line of Credit (HELOC) and the Home Equity Loan. While both use your home’s equity as collateral, they function very differently—and the right choice depends on your financial situation and goals.
🏦 What Is a HELOC?
A HELOC is a revolving line of credit secured against your home. You’re approved for a maximum amount, but you only borrow what you need—and pay interest only on what you use.
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Interest Rates: Variable (can go up or down)
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Access to Funds: Withdraw money as needed, similar to a credit card
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Repayment: Interest-only payments during the draw period, with full repayment required later
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Best For: Ongoing expenses like renovations, education, or covering cash flow gaps
💰 What Is a Home Equity Loan?
A Home Equity Loan (often called a second mortgage) gives you a lump sum of money upfront, which you repay over time with fixed payments.
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Interest Rates: Fixed (locked in for the term)
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Access to Funds: One-time payout
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Repayment: Monthly payments of principal and interest
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Best For: Consolidating high-interest debt, catching up on mortgage arrears, or funding large one-time expenses
🔍 HELOC vs. Home Equity Loan: Key Differences
| Feature | HELOC | Home Equity Loan |
|---|---|---|
| Payment Structure | Interest-only (then principal) | Fixed monthly payments |
| Interest Rate | Variable | Fixed |
| Access to Funds | Flexible/ongoing | One-time lump sum |
| Approval Requirements | Stricter (credit/income) | Easier (equity-based approval) |
| Best For | Ongoing expenses | Debt consolidation, emergencies |
🧠 Which One Should You Choose?
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Choose a HELOC if you have strong credit, consistent income, and want flexible access to funds.
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Choose a Home Equity Loan if you need quick approval, bad credit solutions, or a structured payoff plan.
If you’ve been turned away by the bank or need a home equity solution that works for your situation, we can help.
👉 Apply Now or Book a Call to speak with a mortgage specialist today.
How Can You Benefit from a HELOC in Canada?
Given the varied financial needs of homeowners, a HELOC provides a personalized solution that fits your specific circumstances.
Since a HELOC is secured against your home, lenders in Canada often offer higher credit limits and lower interest rates compared to unsecured lines of credit.
With a HELOC, you manage how much to borrow, when to use it, and what for. Whether it’s making a major purchase or handling an emergency, the power lies in your hands.
Home Equity Line of Credit Calculator Canada
Owning a home in Canada is not just about having a place to call your own. It’s also a key financial asset that can open up a world of possibilities for you and your family.
Whether you’re looking to renovate your home, pay for education, or consolidate debt, tapping into your home’s equity could be the solution you’re looking for. And with our Home Equity Line of Credit Calculator, discovering your potential has never been easier.