HELOC Moose Jaw, Saskatchewan

The Canadian Mortgage Stress Test in 2024

📅 Last Updated: October 4, 2021

✏️ Written By Kale Havervold

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

HELOC Moose Jaw - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
23	1700524800	$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
11	1692748800	Up to $250	0%	Up to 61 days	Up to $250
8	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
6	1683676800	$15,000	6.7%	Up to 60 months	$15,000
1	1670889600	$1,000 - $10,000	19.9% - 46.9%	-	$1,000 - $10,000
7	1666051200	$150	0%	-	$150
100	1643932800	$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
13	1639094400	$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
2	1620777600	Up to $35,000	9.99% - 46.96%	6 - 60	Up to $35,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1582243200	-	-	Up to 60	-
100	1580947200	-	-	-	-
100	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
16	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200	-	15% - 19%	-	-
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
17	1545955200	Up to $20,000	18.99% - 24.99%	36 - 84	Up to $20,000
19	1552262400	$1,000 - $15,000	29.9% or 46.90%	6 - 60	$1,000 - $15,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400	-	-	14 days	-
100	1551139200	$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
15	1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	$100 - $1,500	-	14 days	$100 - $1,500
100	1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1567555200	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
2	1543622400	Up to $50,000	19.99% - 39.99%	6 - 120	Up to $50,000
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
5	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
100	1569974400	Up to $1,500	15% - 23%	14 days	Up to $1,500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
2	1669852800	$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000	$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600	-	-	12 - 60	-
100	1611878400	$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1598918400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
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 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$3,500+	-	-	$3,500+
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	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	4.5%	24 - 72	Up to $5,000,000
100	1550534400	-	-	-	-
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	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
6	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
5	1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1632960000	Up to $50,000	15.99% +	12 -72	Up to $50,000
8	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
100	1594339200	-	-	-	-
6	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
6	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
7	1708473600	Varies	Varies	1 - 10 years	Varies
5	1700524800	-	-	-	-
100	1695772800	-	-	-	-
4	1690934400	Varies	5.54%+	Varies	Varies
2	1688601600	Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000	-	1.94% - 2.45%	12 - 60	-
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	-	-	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548720000	-	2.41% - 3.84%	-	-
100	1548720000	-	-	-	-
1	1517097600	$10,000+	Based on equity	-	$10,000+

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, 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

In most cases, people need to borrow money to purchase a house. Most don’t have hundreds of thousands of dollars just sitting around to be used. But did you know that you can also use your house to borrow money?

Generally speaking, the most popular way for Canadians all across the country, including those in Moose Jaw, to borrow using their home is through a home equity line of credit (HELOC). Whether you’re living in a booming housing market like Toronto or in one that has recently taken a hit like Moose Jaw, if you have some home equity built up you can take advantage of it to gain access to the money you need.

It is certainly an option to consider if you own a home and are in need of some cash for any number of reasons. Whether you need some money for major home improvements, an unexpected purchase, or even more an unplanned medical procedure, a HELOC can help you gain access to what you need.

Learn how to build home equity in Canada.

What is a HELOC?

What exactly is a HELOC? A home equity line of credit is when you use the equity in your home to gain access to additional funds. In this case, it is similar to a second mortgage (home equity loan) but isn’t the exact same. A HELOC is a type of revolving credit product, more like a credit card than a traditional loan.

It is a nice source of emergency funds and lets you borrow at will, without having to go out and secure another loan. The lender will agree to lend up to a maximum amount over a predetermined term and within that term, you are free to borrow and use as little or as much of the line of credit as you deem fit.

How Does a HELOC Work in Moose Jaw?

When it comes to HELOCs, there are generally two phases, the draw phase and the repayment phase. The draw phase, which usually lasts about a decade or so, is when you are able to access your credit any time you need. While this isn’t always the case, some lenders may want small interest-only payments during this phase, and some may even allow you to pay against the principal.

Once the draw phase is done, it’s time to enter the repayment phase. In this phase, you will not be able to access any more funds and will instead need to repay all of the money you borrowed, plus the interest, until your balance is zero. During this phase, because the principal and the interest is getting paid back, you can expect your monthly payments to jump.

So when negotiating your HELOC, be sure to understand the draw period, interest rate, repayment period, as well as all other terms and conditions. They aren’t always the same as the HELOC that your friend has, so be sure to consult with the lender and be aware of all of the details. Also, be sure to use them responsibly. Abusing a line of credit is a sure-fire way to create financial issues for yourself now and in the future. Furthermore, if you spend more than you can afford to pay back, you may put your home at risk.

HELOC vs. Home Equity Loan

When you learn about a HELOC in Moose Jaw, it is common to notice the similarities between a home equity loan. However, it is important to know that they’re not the same. A home equity loan will come as one large lump sum of money, like any other loan. With home equity loans, you will often need to borrow a large amount (often $25,000 or more), and you may also be responsible for fees often associated with a standard mortgage like appraisal fees, origination fees, etc.

Home equity loans allow for more predictable payments and are often better for large one-time expenses or purchases when you know exactly how much you need, such as for a large home renovation or remodel.

On the other hand, a HELOC is a line of credit that is open for you to use as you want. It is more flexible, often has none of the aforementioned fees, and you can gain access to smaller amounts than with a home equity loan.

However, a big problem with HELOCs for many people is that they abuse them, and use money from the HELOC on things they don’t need. If you do indeed secure a HELOC, be sure to use it responsibly. If not, you could dig yourself into a massive financial hole that is nearly impossible to dig out of, and could cause serious financial problems.

HELOCs are often better for situations where you might need emergency cash quickly, in varying amounts. This could be during the school year, when dealing with medical issues, or consolidating debt.

Looking for even more information about HELOCs vs. home equity loans?

The Most Common Uses for HELOCs in Moose Jaw

So what exactly do most people use HELOCs in Moose Jaw for? While it can essentially be used for anything you need, there are a few more popular uses.

Debt Consolidation

One of which is to use your mortgage to consolidate your debt. If you have many debts and creditors to pay back, it can be tough to keep track of everything. This makes it easier to miss a payment or forget something. So instead of dealing with many lenders and payments, you can consolidate your debt with a HELOC.

If you get a HELOC, take money from it and pay off all of your debts, now you only have to worry about repaying your HELOC, which will be much easier to manage and might even have a better interest rate than your other loans, thus saving you money.

Did you know you can use your home equity to pay off a consumer proposal?

Add Value to Your Home

A HELOC can also be used to increase the value of your home in Moose Jaw. This could be through renovations, additions, or other changes that could ultimately help your home fetch a higher price if you ever decide to sell. Sometimes, a HELOC can also just be a good idea as a backup fund. During things like renovations or other costly times in our lives, there may be situations we need quick and easy access to cash, and a HELOC can provide just that.

Of course, while a HELOC can basically be used for anything as it is a line of credit, you need to be careful when you use it. Remember, your home equity is up as collateral, so if you miss payments, make late payments or default, your equity and home could be at risk. Only use funds from a HELOC on things you really need or things that can help your financial situation, not hurt it.

When is the Right and Wrong Time to Get a Second Mortgage?

As you can see, there are several uses for a HELOC in Moose Jaw. However, not every time or situation is right for getting one. There are times where getting a HELOC or second mortgage makes sense and many when it doesn’t. In most cases, the right time for using a HELOC is when you are going to use the additional funds to add value to something or deal with an emergency. This includes situations like:

Making additions to your home to add value
Getting an education to make yourself more intelligent and employable
Handling a medical emergency
Consolidating your high-interest debt

Is using home equity to consolidate credit card debt the right option for you?

While it would be nice if everyone only used HELOCs for cases similar to the ones mentioned above, that isn’t the case. Many people will use these HELOCs for the wrong things, including:

Taking a trip or personal vacation
Buying a large consumer item like a TV or a car when you don’t need it
Using a HELOC like a credit card

Using your HELOC for these things will surely lead to trouble once you reach the repayment phase and your monthly payments begin to increase. If you are confused about whether your plans for a HELOC are a good idea or not, we’d love to hear from you, or reach out to a trusted expert in your area to help you out and provide you with the right advice.

Is a HELOC the Right Solution For You?

If you want to learn more about HELOCs in Moose Jaw or find a suitable lender in your area, be sure to reach out to Loans Canada. We can match you with the right home equity product to meet your unique needs.

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