HELOC Lethbridge

HELOC Lethbridge - Compare Providers

Select Category

• Personal
• Commercial
• Auto
• Title
• Mortgage
• Debt Relief

• Personal
• Commercial
• Auto
• Title
• Mortgage
• Debt Relief

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1709683200		up to $1,250	12%-32%	90 - 150 days	up to $1,250
23	1700524800		$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
15	1695254400		$1250	16.06% (nominal) - 31.99% (effective)	3 - 5	$1250
3	1692748800		Up to $350	0%	Up to 65 days	Up to $350
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 - $15,000	19.9% - 34.9%	-	$1,000 - $15,000
7	1666051200		$250	0%	-	$250
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
30	1637280000		$5,000 - $50,000	5.75% - 22.99%	Up to 84	$5,000 - $50,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
2	1620777600		Up to $35,000	9.99% - 46.96%	9 - 78	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	1589155200		$2,500	15.65% AIR	13 - 26	$2,500
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	1579478400		Up to $5,000	29.78% - 44.8%	36 months	Up to $5,000
100	1579219200		$100 - $25,000	+4.9%	-	$100 - $25,000
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	1562198400		$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
100	1560124800		Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
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		Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400		$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
100	1551398400		$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400		-	-	14 days	-
18	1546128000		Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
100	1551139200		$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
15	1551139200		Up to $15,000	29.99% to 46.93% 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	1569974400		Up to $1,500	15% - 17%	up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	Up to 59% APR	14 days	Up to $1,500
19	1550534400		$2,500 +	-	-	$2,500 +
100	1550534400		$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
100	1550534400		$300 - $1,000	38% APR	3 - 4	$300 - $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	1548720000		Up to $5,000	-	12 - 60	Up to $5,000
100	1548720000		$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
100	1548633600		$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600		$50 - $1,500	-	14 days	$50 - $1,500
16	1545264000		$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
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 $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
10	1545264000		$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
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		$500 – $750	23% - 34.4%	3 – 12	$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
3	1545264000		Up to $5,000	47.72%	-	Up to $5,000
10	1545177600		$1,000 - $35,000	5.99% - 29.19%	36 - 60	$1,000 - $35,000
18	1545177600		$100 - $20,000	Up to 46.8%	Up to 60	$100 - $20,000
100	1569974400		Up to $1,500	15% - 23%	14 days	Up to $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1725321600		up to $40,000	-	-	up to $40,000
8	1714089600		$10,000 +	4%-45%	90 days+	$10,000 +
7	1714089600		$10,000 to $2,000,000	10%+	Up to 36	$10,000 to $2,000,000
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	1592438400		-	-	-	-
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	1578873600		-	-	-	-
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		$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
100	1548720000		Up to $5,000	Prime +7% or 8%	36 - 60	Up to $5,000
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	1548633600		Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
10	1545177600		$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
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-$300,000	15% - 25%	4 - 24	$5,000-$300,000
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

		Provider	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		-	-	-	-
100	1582761600		-	-	12 - 96	-
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		-	Starting at 4%	Up to 84	-
100	1575849600		$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600		-	-	-	-
100	1575590400		-	-	-	-
100	1575590400		-	-	-	-
100	1575504000		-	-	-	-
100	1574985600		-	-	-	-
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%+	-	-
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	-

		Provider	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	1545264000		Up to $25,000	-	12 - 60	Up to $25,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$15,000 +	6% - 16%	12 - 60	$15,000 +
7	1708473600		Varies	Varies	1 - 10 years	Varies
5	1700524800		-	-	-	-
6	1696377600		-	5.69% +	-	-
100	1695945600		-	-	-	-
100	1695772800		-	-	-	-
4	1690934400		Varies	5.54%+	Varies	Varies
2	1688601600		Min $100,000	5.34%+	2 - 10 years	Min $100,000
3	1679616000		$100,000 - $2 million	Fixed, variable, or adjustable rates	1 - 5 years	$100,000 - $2 million
100	1627344000		-	1.94% - 2.45%	12 - 60	-
2	1620777600		Up to $35,000	-	-	Up to $35,000
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		$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
100	1577059200		-	-	-	-
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	1548806400		$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548720000		-	2.41% - 3.84%	-	-
100	1548720000		-	-	-	-
1	1517097600		$10,000+	Based on equity	-	$10,000+

		Provider	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

Although Lethbridge, like much of Alberta, can be a pricey city to take out a mortgage in, there are countless perks that come with homeownership. Not only can a mortgage help you finance an otherwise unaffordable house over time, but you’ll also be increasing your credit score with every payment you complete.

What’s more, timely mortgage payments will also allow you to build home equity, which is a major asset in itself. Once you’ve accumulated enough equity, you can use it to open up a HELOC in Lethbridge. Keep reading if you’re curious about what this product can do for you and your finances in Lethbridge.

How to borrow using your home equity? Find out here.

Lethbridge Home Equity and Second Mortgages Explained

In essence, your home equity is an asset and refers to the total value of your home as it stands on the real estate market, minus the balance remaining on your mortgage.

Typically, there are 3 ways that your home equity can be built:

• By completing mortgage payments as they are scheduled.
• By adding value to your home through renovations, additions, and general maintenance.
• When your home increases in value on its own, due to a real estate boom in your neighborhood.

Once you have built up around 20% equity (20% of your home’s total value), most mortgage lenders in Lethbridge will allow you to apply for several kinds of equity products. Two of the most common products are the home equity loan and the HELOC, otherwise known as a home equity line of credit.

Learn even more about building home equity in Canada, click here.

Home Equity Loan in Lethbridge

For some home buyers in Lethbridge, a home equity loan is a more favorable product because it allows you to access a lump sum of money worth up to 80% of your available equity. Upon approval, that loan would likely be deposited directly into your bank account, then divided into a series of installments, often with a fixed interest rate per payment, which will not change over the course of your repayment term.

Although the length of your own repayment term depends on where you apply and how strong your finances are, some lenders in Lethbridge will approve you for a loan that can last for up to 30 years. This makes the home equity loan an ideal product if you have large one-time expenses, such as the purchase of a vehicle, new appliances or furniture, or household repairs. The fixed interest rate is also helpful because it’s easier to budget for.

Home Equity Line of Credit in Lethbridge

A HELOC, on the other hand, allows Lethbridge borrowers to dip into a revolving credit line ranging from 65% – 80% of your available equity. You can access up to 65% of your equity if you apply for a standalone HELOC and up to 85% if you combine it with the remaining balance of your primary mortgage.

Usually accompanied by a variable interest rate (fixed rates are often possible too), which fluctuates with Canada’s prime rate, you’ll be able to withdraw from it in whatever amounts you need, similar to a personal line of credit or traditional credit card.

In a sense, this product is more beneficial than a home equity loan because you would only have to pay interest on what you withdraw and can make minimum payments if you can’t afford your full monthly balances. Variable rates can also be lower than fixed ones when the prime rate drops, which can help you save money over time.

Some HELOCs can last even longer than the average home equity loan, making them a better choice if you have ongoing or recurring expenses, such as lengthy renovations, educational costs, or various bills (utilities, internet, etc.).

Want to know what it costs to buy a house in your city? Check out this infographic.

Second Mortgages in Lethbridge

If you have not yet paid the full balance of your primary mortgage, any home equity product you’re approved for in Lethbridge would technically become your second mortgage because it would be placed in secondary position on your title.

Although you are free to apply for a second mortgage through your primary lender or broker, some homebuyers in Lethbridge will choose a secondary lender because they can sometimes secure better rates.

Then again, second mortgage rates with outside lenders can sometimes be higher because they are taking more of a risk if you already have a primary mortgage on your property and have two sets of payments to keep up with. If you were to default and be involved in any kind of debt collection process, the secondary lender would be last to receive compensation.

However, once you’ve paid off your primary mortgage in full, your home equity loan or HELOC can be moved into first position, allowing for lower rates and less stress on your part, because you’ll once again only have one mortgage payment to keep track of.

Do you know why your loan-to-value ratio is important? Learn more here.

When (and When Not) to Apply for a HELOC in Lethbridge

Before you apply, always keep in mind that opening a HELOC can put you in debt for decades to come. This is especially significant if said credit line is your second mortgage product, thereby giving you two sets of payments, rates, and fees to deal with from month to month.

Needless to say, a HELOC can have a drastic negative impact on your finances if it’s not handled responsibly. If you can’t afford all the associated costs and default on your payments without informing your lender of the situation, you can run the risk of losing your home.

It’s a good idea to apply for a HELOC when:

• You already have a solid household income, steady employment, and good credit (these positive factors can help you secure cheaper rates and more favorable repayment conditions).
• You have ongoing or recurring expenses to cover.
• The full balance of your primary mortgage is almost or completely paid.
• You’re trying to add significant value to your home (with the prospect of selling it).
• You need access to a sizeable emergency fund.

It’s a bad idea to apply for a HELOC when:

• You have a weak household income, unsteady employment (or none at all), and bad credit (these negative factors can lead to a more expensive rate or even get your application rejected entirely).
• You only have non-essential costs to cover (consumer goods, etc.)
• Your primary mortgage has just begun or is too expensive to justify taking on two repayment plans.

Learn about consolidating high-interest debt into your mortgage, here.

Essentially, if you’re already having trouble dealing with your primary mortgage or you have too many other kinds of debt on your hands, it may be a better idea to hold off on applying for a HELOC.

On the other hand, if you can afford all the costs involved and have strong financial health, a HELOC is can certainly be a valuable tool in more ways than one.

Take a look at this infographic to learn about what affects your credit.

Best Uses for Your HELOC

If you’re prepared for the responsibility that comes with a HELOC in Lethbridge, it’s time to formulate a plan for how you’ll use your borrowed funds. Remember, the resulting debt from a HELOC can be substantial. Lenders in Lethbridge will want to know that you can comfortably handle it before they’ll consider approving you for such a large amount of money and a reasonable rate.

Therefore, it’s important to only use your HELOC for things that are essential, such as:

• High-interest debt consolidation
• Credit building and/or improvement
• Financing lengthy household additions, repairs, and renovations
• Recurring vehicle costs (fuel, insurance, etc.)
• Accidents, floods, or other unexpected events
• Vacations and travel costs
• As a backup fund during a period of reduced income or unemployment

Searching for a HELOC in Lethbridge?

If that’s the case, don’t be afraid to talk to the experts at Loans Canada. Through our network, you can be quickly connected with the best home equity products, lenders, brokers, and rates in your area. All you have to do is contact us today or apply below!