Written by Lisa Rennie

Best HELOC Vancouver (Online) 2020

Lender directory

Compare the best lenders in this region

	Loan Amount	Rate	Term (Months)	Rating
1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
1593561600	-	0+	2 - 60	-
1589155200	$2,500	15.65% AIR	13 - 26	$2,500
1588809600	$49.99 - $99.99	0%	12	$49.99 - $99.99
1582243200	-	-	Up to 60	-
1580947200	-	-	-	-
1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
1579478400	$100 - $1,500	-	-	$100 - $1,500
1579478400	Up to $3,200	-	-	Up to $3,200
1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
1579219200	-	15% - 19%	-	-
1576713600	-	Up to 35%	-	-
1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
1576627200	-	-	-	-
1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
1562198400	$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
1545955200	Up to $20,000	19.44% and 31.90%	36 - 84	Up to $20,000
1552262400	$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
1551398400	$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
1551398400	-	-	14 days	-
1546128000	Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
1550534400	$100 - $1,500	-	14 days	$100 - $1,500
1569974400	Up to $1,500	15% - 23%	-	Up to $1,500
1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
1550534400	$2,500 +	-	-	$2,500 +
1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
1549238400	$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
1548720000	$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
1548633600	$50 - $1,500	-	14 days	$50 - $1,500
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1543622400	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
1545177600	$2,000 – $10,000	34.9% – 43%	12 - 60	$2,000 – $10,000
1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
1545350400	Up to $1000	30%	3 - 5	Up to $1000
1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
1545350400	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
1545350400	Up to $7,000	-	6 – 60	Up to $7,000
1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
1545350400	$500-$1000	28%-32%	3	$500-$1000
1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
1545264000	$500 - $35,000	29.99% – 46.96%	9 - 60	$500 - $35,000
1545264000	$300 – $35,000	5.9% to 47.72%	24 - 60	$300 – $35,000
1568937600	$50 – $10,000	-	Up to 62 days	$50 – $10,000
1545177600	$1,000 - $35,000	5.99% to 29.19%	36 - 60	$1,000 - $35,000
1545177600	Up to $20,000	19.99% - 46.8%	6 - 60	Up to $20,000
1569974400	Up to $1,500	15% - 23%	14 days	Up to $1,500

	Loan Amount	Rate	Term (Months)	Rating
1598918400		-	-
1592438400	-	-	-	-
1585612800	-	0.9% - 12%	6 months - 5 years	-
1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
1581292800	-	-	-	-
1581033600	-	-	-	-
1581033600	-	-	-	-
1581033600	-	-	-	-
1580947200	-	-	-	-
1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	up to $250,000	-	-	up to $250,000
1580860800	-	-	-	-
1580688000	Up to $10,000	-	-	Up to $10,000
1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
1579478400	-	-	-	-
1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
1579478400	-	-	12 - 120	-
1579478400	-	-	24 to 60	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579046400	-	-	-	-
1578873600	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
1575849600	Up to $250,000	-	-	Up to $250,000
1575590400	-	-	-	-
1575590400	-	-	-	-
1545955200	$5,000 - $150,000	5.49% - 22.79%	12 - 60	$5,000 - $150,000
1552262400	$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
1541030400	Up to $35,000	-	-	Up to $35,000
1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
1552262400	-	-	-	-
1552262400	Up to $1,000,000	-	-	Up to $1,000,000
1551830400	$10,000+	-	Up to 15 years	$10,000+
1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
1551398400	$3,500+	-	-	$3,500+
1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
1551139200	Up to $75,000	-	Up to 18	Up to $75,000
1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
1550534400	-	-	-	-
1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
1548720000	Up to $100,000	6.05% +	60	Up to $100,000
1548720000	$10,000+	18% - 22%	-	$10,000+
1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1561507200	Up to $300,000	-	-	Up to $300,000

	Loan Amount	Rate	Term (Months)	Rating
1594339200	-	-	-	-
1582761600	-	-	12 - 96	-
1582761600	-	11.9% - 22.9%	Up to 84	-
1581033600	-	+ 4.9%	-	-
1581033600	-	-	-	-
1580688000	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1578873600	-	+8.99%	-	-
1578873600	-	-	-	-
1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
1552262400	Up to $250,000	-	12 - 60	Up to $250,000
1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1551830400	Up to $100,000	-	6 - 96	Up to $100,000
1551830400	$10,000+	-	12 - 96	$10,000+
1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1577059200	-	-	up to 72	-
1577059200	-	-	-	-
1575849600	-	-	-	-
1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
1575849600	-	-	-	-
1575590400	-	-	-	-
1575590400	-	-	-	-
1575504000	-	-	-	-
1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
1562112000	-	Up to 49.9%	-	-
1561507200	-	-	-	-
1561507200	-	-	Up to 84	-
1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
1551830400	Up to $30,000	-	-	Up to $30,000
1548720000	-	-	-	-
1548633600	-	4.2%+	-	-
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1545177600	Up to $50,000	-	-	Up to $50,000
1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
1545177600	-	-	Maximum 84	-

	Loan Amount	Rate	Term (Months)	Rating
1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	Up to $25,000	-	12 - 60	Up to $25,000

	Loan Amount	Rate	Term (Months)	Rating
1581033600	-	2.74% - 6.30%	12 - 120	-
1580947200	-	-	-	-
1580860800	-	-	-	-
1580860800	-	2.64% - 4.45%	12 - 120	-
1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
1580860800	-	-	36 - 60	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580688000	-	2.79% - 6.00%	6 - 60	-
1579478400	-	2.74% - 3.70%	6 - 120	-
1578873600	-	-	-	-
1578873600	-	2.69% - 3.95%	6 - 120	-
1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
1577059200	-	-	-	-
1577059200	-	--	-	-
1577059200	-	2.84% - 7.30%	-	-
1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
1574899200	-	2.23% - 4.45%	-	-
1560124800	-	2.89% - 3.79%	-	-
1548806400	$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
1548720000	-	2.41% - 3.84%	-	-
1548720000	-	-	-	-
1548633600	-	-	-	-

	Services	Rating
1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
1576540800	Personal Bankruptcy, Consumer Proposal	Personal Bankruptcy, Consumer Proposal...
1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

There are so many ways to borrow money in Vancouver. If you’re looking to finance the cost of just about anything, you’ll likely be able to find an option in Vancouver that works for your needs. Did you know you can even borrow against your own home?

To borrow money against your home, you can take out what’s known as a HELOC, which is short for a home equity line of credit. Read on to find out everything there is to know about a HELOC in Vancouver and whether or not it’s the right fit for you.

What is a HELOC?

Also referred to as a second mortgage, a HELOC in Vancouver basically allows you to borrow from the equity in your home. If you have enough equity built up in your property, you may qualify for a HELOC. They’re known as second mortgages because you’re actually using your home equity to gain access to cash and because HELOCs typically take the second position after your first original mortgage.

HELOCs are often confused with home equity loans, though they are somewhat different. While they both involve borrowing from the equity in your home, their payouts and repayment processes differ.

Learn how to manage your revolving debt, here.

While a home equity loan provides you with a lump sum of money that’s charged interest for the total amount, a HELOC Vancouver works more like a credit card. You will be approved for a certain limit that you can borrow against, then you’re free to borrow as much or as little against that credit limit as you like.

You would only be charged interest on the portion that you borrow rather than the entire credit limit. Once you repay that money, you won’t be charged any more interest and you’re free to borrow again and again. HELOCs are essentially revolving credit that you can tap into whenever the need for extra cash is required in a hurry.

Want to know how much it costs to buy a house in your city? Click here.

What Are HELOCs Most Commonly Used For in Vancouver?

There are so many different expenses that HELOCs can be used to fund in Vancouver. That said, there are certain expenses that HELOCs are more commonly used for, including the following:

Home renovations
Major car repairs
College tuition for children
Investing
Business purposes
Debt consolidation

This list is by no means exhaustive, as there are plenty of things you can use the money to cover from a HELOC.

Considering consolidating high-interest debt using a second mortgage? Read this.

When is it a Good Idea to Take Out a Second Mortgage in Vancouver?

Just because you have may be eligible to take out a HELOC in Vancouver doesn’t necessarily mean that you should. Ideally, the second mortgage should only be considered for pressing expenses that you can’t fund any other way.

They should also only be used if you’re able to comfortably cover your loan expenses, or else you could wind up in hot water. Your house is used as collateral for a HELOC, so failure to repay the funds borrowed could result in you losing your home in Vancouver.

Want to learn how to safely access your home equity? Click here.

If you’re financially capable of repaying the loan, then a HELOC can be a great way to add more value to your home by upgrading it. Certain home improvements can bring in a high ROI and add plenty of value. If you’re planning to sell your home sometime in the future, improving it with funds used from a HELOC can be a great way to add some value that you’ll be able to recoup come sale time.

But if you’re just scraping by and are barely able to make your original mortgage payments, perhaps taking out a HELOC is not the way to go.

Get the HELOC You Need Today

After careful assessment of your finances, you’ve decided that a HELOC is something that you can comfortably cover in monthly payments in addition to all of your other bill payments. You’ve also decided that taking out a HELOC is the best way to fund your particular expense in Vancouver. Now it’s time to find the right HELOC product and lender for your situation!

While you can always use your current lender, you may find that other lenders’ HELOC products might suit you better. To find the right HELOC product for you in Vancouver, let Loans Canada help. Reach out to us today!

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