Known lump sum, fixed schedule
Refinance
Designed for a known lump sum with a fixed repayment schedule.
London & Southwestern Ontario
HELOC in London, Ontario
A home equity line of credit is revolving credit secured against your home. You're approved for a limit, draw only what you need, and pay interest only on the drawn balance.
It's flexible and it's secured by your house — both facts matter.
Nandan Bajani · Mortgage Agent Level 1 | Ontario · The Mortgage Firm Inc.
Today's rates, including prime
As of October 23, 2026
- Fixed
- 4.34%
- 5-Year term
- Variable
- 3.43%
- 5-Year term
- Prime
- 4.45%
- Bank of Canada
HELOC rates are variable and priced off prime, not these fixed/discounted mortgage rates — ask me for today's specific HELOC rate.
Compare all 8 terms & inquire
London, Ontario — Daily Update
Compare Today's Mortgage Rates
As of October 23, 2026
Bank of Canada overnight rate 2.25%, prime 4.45%
TermFixed RateVariable Rate
2-Year
Fixed
4.39%
Big 6 Bank
Variable
—
3-Year
Fixed
4.49%
Canadian Lender
Variable
3.90%
Alterna Savings
5-Year
Fixed
4.34%
Canadian Lender
Variable
3.43%
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Rates are illustrative, change daily and are subject to lender qualification. Source: Ratehub.ca public rate table, as of October 23, 2026.
Plan your numbers
Run Your Numbers
From equity to access
How a HELOC Comes Together
- 1
Estimate your equity
65% standalone, or up to 80% combined with a mortgage
- 2
Apply & appraisal ordered
Confirms the home's current value
- 3
Qualification & stress test
Approval isn't automatic just because the equity exists
- 4
Credit limit set
Draw only what you need, when you need it
- 5
Interest on the drawn balance only
Undrawn credit costs nothing
How much you can qualify for
A standalone HELOC is generally limited to 65% of the appraised value of the home.
In a combined mortgage-plus-HELOC product, the total of the mortgage and the credit limit can typically reach 80% of value, with the revolving portion still capped at 65%. Qualification uses the stress test, so approval is not automatic just because the equity exists.
65%
Standalone HELOC, revolving portion
80%
Combined mortgage + HELOC, total
Documents You'll Need
Recent pay stubs or T4s/Notices of Assessment
Government-issued photo ID
Current mortgage statement
Proof of property tax and home insurance
Appraisal, ordered by the lender
Combined mortgage and HELOC structures
Many lenders offer a readvanceable product: as you pay down the mortgage portion, the available credit limit grows automatically.
It's efficient for people who reuse equity, but it does tie your mortgage and credit line to one lender, which can make a future switch more involved.
Sensible uses
Sensible uses
Staged renovations where you don't know the final total up front
Bridge-style cash flow between selling and buying, where a formal bridge doesn't fit
A standby emergency reserve at a far lower rate than credit cards
Down payment for an investment property, as part of a plan you can carry
Risks to take seriously
Risks to take seriously
HELOC rates are variable and move with prime
Interest-only minimum payments mean the balance never reduces on its own
The debt is secured by your home
HELOC vs refinance
HELOC vs refinance
Flexible, repeated access
HELOC
Best when you need flexible, repeated access and want to avoid paying interest on funds you haven't used.
Related reading
Questions people ask
How much of my home's value can a HELOC access?
Typically up to 65% of appraised value on the revolving portion, or up to 80% in total when combined with a mortgage portion.
Do I have to use the full HELOC limit?
No. You pay interest only on what you actually draw.
Can I get a HELOC if I'm self-employed?
Yes, subject to income documentation. Alternative lenders exist where prime income verification doesn't fit, usually at a higher cost.
Does a HELOC affect my credit score?
It appears on your credit report and high utilization can affect your score and future qualification, just like other revolving credit.
What happens to my HELOC when I pay off my mortgage?
With a HELOC combined with your mortgage, the line usually stays open after the mortgage is paid off. The revolving part is capped at 65% of your home's value, and the mortgage and line together at 80%. Paying down the mortgage can free up more room on the line, up to those limits.
How are HELOC payments calculated?
Most HELOCs only require interest on the amount you've used, at a variable rate tied to prime. For example, at prime plus 1% (5.45% with prime at 4.45%), interest-only payments on a $50,000 balance are about $227 a month. Paying only interest never reduces the balance, so plan how you'll pay the principal down.
How do I get a HELOC?
You need enough equity (borrowing stays within 80% of the home's value in total), income and credit that qualify for the limit you want, an appraisal, and a lawyer to register the line on title. A broker can compare stand-alone HELOCs with lines combined with a mortgage.
See whether a HELOC or refinance fits your plan
A short conversation is usually enough to know what's realistic. No obligation, no pressure.