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HELOC Mississauga

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Updated On: October 4, 2021

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HELOC Mississauga - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
19	1746662400	$250 - $1,500	$14 per $100	Up to 62 days	$250 - $1,500
100	1741219200	Up to $1,000	0% interest (30.4% APR)	30 days (revolving)	Up to $1,000
20	1718582400	$100 – $1500	$8 per $100 + 24%	Up to 62 days	$100 – $1500
100	1709683200	Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
16	1700524800	$100 – $1,000	29% – 35%	9 – 24	$100 – $1,000
100	1694390400	$500 – $2,500	18.99%		$500 – $2,500
18	1695254400	$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
10	1692748800	Up to $500	0%	Up to 65 days	Up to $500
100	1688083200	$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800	$15,000	6.7%	Up to 60	$15,000
9	1670889600	$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
11	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1642723200	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1623369600	Varies	0%	6 or 8 weeks	Varies
1	1620777600	Up to $35,000	9.99% – 34.95%	6 – 60 months	Up to $35,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
100	1551830400	Up to $500,000	5.75% – 9.9%	–	Up to $500,000
19	1582243200	–	9.9% – 29.9%	12 – 60	–
100	1581033600	$5,000+	–	Up to 60	$5,000+
100	1580860800	$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400	$1,000 – $25,000	8.99% – 34.99%	36 or 60 months	$1,000 – $25,000
100	1579478400	$100 – $1,500	$14 per $100	–	$100 – $1,500
7	1579478400	Up to $20,000	19.8% – 34.99%	36 – 85 months	Up to $20,000
100	1579219200	Up to $1,500	$14 per $100	Up to 30 days	Up to $1,500
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400	$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
10	1552262400	$500 – $25,000	29.9% or 34.28%	6 – 84 months	$500 – $25,000
100	1551830400	$100 – $1,000	$14 per $100	14 days	$100 – $1,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1551398400	$100 – $1,500	$14 per $100	14 – 31 days	$100 – $1,500
100	1551398400	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1546128000	Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
100	1551139200	$250 – $1,250	29% – 32%	3 – 6	$250 – $1,250
15	1551139200	Up to $15,000	34.99%	Open-ended	Up to $15,000
100	1550534400	$100 – $1,500	$14 per $100	14 days	$100 – $1,500
2	1569974400	Up to $1,500	$14 per $100	Up to 62 days	Up to $1,500
100	1550534400	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1550534400	$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100	14 days	$100 – $1,500
100	1549411200	$1,000 – $15,000	34.37%	9 – 60	$1,000 – $15,000
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400	$100 – $1,500	$14 per $100	Up to 62 days	$100 – $1,500
100	1549238400	$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000	$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000	$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
11	1545264000	$500 – $100,000	12.99% – 34.99%	9 – 60 months	$500 – $100,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
6	1543622400	Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
100	1545350400	$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
100	1545350400	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
12	1545350400	Up to $7,000	35%	6 – 60	Up to $7,000
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$500 – $750	23%	3 – 4	$500 – $750
100	1545350400	$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
4	1545264000	Up to $5,000	34.37%	–	Up to $5,000
8	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
21	1545177600	Up to $35,000	Starting at 12.99%	Up to 60 months	Up to $35,000
13	1545177600	$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1745452800	$10,000 - $1,000,000	12% +	3 - 24	$10,000 - $1,000,000
9	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
4	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
3	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
5	1669852800	$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000	$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600	–	–	12 – 60	–
100	1611878400	–	–	–	–
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1603756800	–	–	–	–
100	1598918400	–	–	–	–
100	1592438400	–	–	–	–
100	1585612800	–	–	6 – 60	–
100	1580947200	$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
2	1580256000	$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400	$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400	$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400	–	–	24 – 60	–
100	1579478400	–	–	–	–
100	1579478400	Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600	Up to $250,000	–	–	Up to $250,000
100	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	–	12 – 120	$1,000 – $300,000
100	1552262400	$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1552262400	–	–	–	–
100	1552262400	–	–	–	–
100	1552262400	Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400	Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400	–	–	–	–
100	1551830400	$10,000+	–	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400	-	–	Up to 84	-
100	1551398400	$3,500+	–	–	$3,500+
100	1551398400	$5,000+	4.9% – 24.99%	18 – 48	$5,000+
100	1551398400	$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200	Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400	$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400	$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400	Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400	$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200	$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000	Up to $100,000	–	–	Up to $100,000
100	1548720000	$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000	Up to $250,000	–	3 – 24	Up to $250,000
8	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
6	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
7	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1749600000	–	–	Up to 96 months	–
19	1582243200	–	–	Up to 60 months	–
6	1543622400	Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
100	1620345600	–	–	Up to 96 months	–
2	1679529600	Varies	Varies	24 – 96 months	Varies
100	1643846400	$250 – $10,000	Starting at 14.99%	12 – 36	$250 – $10,000
3	1632960000	Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
7	1606435200	$500 – $10,000	Starting at 0%	3 – 48	$500 – $10,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1582761600	–	–	36 – 96	–
6	1582761600	–	–	–	–
100	1582761600	–	Up to 29.5%	–	–
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579219200	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	-	–	12 – 96 months	-
100	1552262400	Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400	–	–	6 – 96	–
100	1551830400	$10,000+	–	12 – 96 months	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	–	–	–	–
100	1575849600	$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	–	–	–	–
100	1575590400	–	–	–	–
6	1569974400	–	Up to 29.99%	12 – 96	–
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	–	–	–	–
100	1551830400	Up to $500,000	–	6 – 48	Up to $500,000
100	1550534400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
100	1545177600	–	–	12 – 84	–

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600	Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000	Up to $50,000	–	–	Up to $50,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600	–	–	–	–
5	1700524800	–	-	-	–
100	1695945600	–	–	–	–
4	1690934400	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000	$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
4	1541030400	–	4.19% – 8.00%	6 – 120	–
100	1627344000	–	4.50% – 5.97%	12 – 60	–
100	1551830400	Up to $500,000	Starts at 8.49%	–	Up to $500,000
100	1581033600	–	4.19% – 6.04%	12 – 120	–
100	1580860800	–	–	–	–
100	1580860800	–	2.99% – 5.49%	6 – 60	–
100	1580860800	$50,000+	–	12 – 120	$50,000+
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	–	–	6 – 60	–
100	1580688000	–	4.19% – 6.04%	12 – 120	–
100	1580688000	–	–	–	–
100	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1578268800	–	–	–	–
100	1577059200	–	Varies	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	4.49% – 6.63%	1 – 10 years	–
100	1574985600	$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200	–	–	12 – 60	–
100	1574899200	–	4.24% – 6.30%	–	–
100	1560124800	–	4.64% – 5.80%	1 – 10 years	–
100	1548806400	$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000	–	–	12 – 60	–
1	1517097600	$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1743984000	Consumer Proposal, Bankruptcy
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Owning a home in Mississauga comes with all sorts of perks. For starters, it’s a great investment that allows you to build wealth over time as a result of appreciation. But it also gives you a financial resource to tap into whenever the need for extra money arises.

More specifically, a HELOC – or a home equity line of credit – is a handy financial tool that homeowners in Mississauga can use to borrow money against to be used for whatever pressing need creeps up.

Here is everything you need to know about HELOCs to help you decide if this loan type is right for you.

What is a HELOC and How Does it Work in Mississauga?

A HELOC works similar to the way a credit card works and is technically considered a type of revolving credit. With a HELOC, you would apply to have a certain credit limit provided to you which you can borrow against. Like a credit card, you can borrow as much or as little as you like, as long as no more than the credit limit is withdrawn.

When you repay the amount withdrawn from your HELOC, you can continue to borrow over and over. You’re only charged interest on the portion that you take out and use rather than the full loan amount.

In order to qualify for a HELOC in Mississauga, you’ll likely need to have at least 20% equity in your home (equity simply refers to the current market value of the home minus any outstanding loan balance still owed).

Learn how to build equity in Mississauga, here.

What’s the Difference Between a HELOC and a Home Equity Loan?

As already mentioned, a HELOC works more like a credit card than a traditional loan. A home equity loan, on the other hand, works more like a traditional loan whereby a certain loan amount is given, after which you would have to repay it all by its maturity date in installments.

Unlike a HELOC, a home equity loan – also referred to as a second mortgage – will be charged interest on the full loan amount, whereas a HELOC is only charged interest on the portion that is withdrawn.

That said a HELOC doesn’t always have to be a second mortgage. A “first” or “second” mortgage is used to refer to the claim position of the loan. A HELOC is often in second position because there is typically another mortgage on the property when the loan is taken out. That said, a HELOC can sometimes be in first position.

HELOCs typically have higher interest rates than mortgages in first position because they are riskier to the lender. If you default on the second mortgage, the lender in Mississauga holding that loan will not be repaid until the first position lender is.

Interested in the cost of buying a house in other major Canadian cities? Check this out.

What Can I Use a HELOC For in Mississauga?

HELOCs can be used for any number of things, including the following:

Home renovations
Car repairs
Post-secondary education tuition
Investments
Starting or expanding a business
Consolidating debt

Learn how to borrow using your home equity. Take a look at this article.

Are HELOCs Good Loan Options in Mississauga?

The answer to this question depends on what the money is being used for and what your financial situation currently is in Mississauga (for more information about tapping into your equity, click here).

For instance, if you’re using the money for something that will hold some value, then taking out a HELOC in Mississauga may be a good idea. Home renovations are usually the best way to use a HELOC because they can increase property value, making them a good investment in Mississauga.

Other expenditures, on the other hand, are more frivolous in nature and are not necessarily considered good investments, such as an expensive vacation. Make sure that you are putting the money to good use before taking out a HELOC or any other type of loan.

Your finances are also part of the equation. If your finances will allow you to comfortably repay your outstanding balance, then taking out a HELOC may be a sound idea. However, if you’ll be strapped for cash after taking out this loan, you could put yourself in a difficult position and even risk losing your home if you default on your payments.

In Need of a HELOC in Mississauga?

If you’re looking for an affordable way to pay for a big expense and own a house in Mississauga. A HELOC could be the solution you’ve been looking for. Loans Canada can help by connecting you with a mortgage professional who

Get Started

Note: Loans Canada does not arrange, underwrite or broker mortgages. We are a simple referral service.