HELOC Burnaby

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		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
21	1700524800		$1,000 - $5,000	46%	9-24	$1,000 - $5,000
15	1695254400		$1250	16.06% (nominal) - 31.99% (effective)	3 - 5	$1250
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
100	1642723200		up to $1,500	-	-	up to $1,500
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%	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	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
9	1580860800		$1,600 - $25,000	19.99% APR	36 - 60	$1,600 - $25,000
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	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
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		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	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	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	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		$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
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		$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
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
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
2	1543622400		Up to $50,000	19.99% - 39.99%	6 - 120	Up to $50,000
100	1545177600		$2,000 – $10,000	34.9% - 43%	12 - 60	$2,000 – $10,000
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 $3,000	22% - 35%	3 - 4	Up to $3,000
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 $3,500	47.72%	-	Up to $3,500
2	1568937600		$1,500 – $10,000	Varies by province	Varies	$1,500 – $10,000
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	1697414400		Up to $800,000	9% - 49.99%	3, 6, 9, or 12	Up to $800,000
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	1581292800		-	-	-	-
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	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-$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

		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		-	-	-	-
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	-

		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	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

		Provider	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		-	-	-	-
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	1575849600		-	1.51% - 6.6%	1 - 10 years	-
100	1604016000		$15,000 to $1,500,000	+1.90%	-	$15,000 to $1,500,000
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

There are a lot of advantages to mortgaging a house, especially in a popular city like Burnaby. Not only would you be buying up a property near downtown Vancouver, the popularity of the area means you can potentially sell it at a decent profit some day. Not to mention you’ll be building home equity at the same time.

Wondering how best to use your home equity in Burnaby? Maybe it’s time to consider opening a HELOC, otherwise known as a home equity line of credit.

Learn how to build equity and use it to your advantage, click here.

HELOC or Home Equity Loan: Which Suits You Best?

Home equity refers to the current market value of your property minus the amount you have remaining on your primary mortgage. Throughout the years, that equity will become an asset that you can use in various ways in Burnaby.

How to Build Home Equity

Every mortgage payment you complete allows you to build home equity. You can also add equity to the property by making renovations, additions, and other improvements that would increase its value. Your equity can even go up by itself during a real estate boom in your neighbourhood in Burnaby.

Once you’ve built up about 20% equity (20% of the home’s total value), you can apply for several kinds of home equity products through either your primary lender or a secondary source in Burnaby if you’re looking for better rates and conditions.

HELOC

One of the main products that Burnaby homeowners apply for is the home equity line of credit, which typically allows you to access 65% – 85% of your available equity. In this situation, you would have a revolving credit line equal to the amount you’re approved for. You can withdraw from it in whatever amounts you need and be left with a monthly balance to keep up with, just like your credit card.

This can be advantageous because you’ll only have to pay interest on what you’ve borrowed and can make minimum payments whenever you can’t afford your full monthly balances. Most lenders in Burnaby will even give you a variable rate that fluctuates with the Bank of Canada’s prime rate. If their rate ever drops during your mortgage, you can save some money on your HELOC.

Depending on where you apply and how much money you’d like to access, your HELOC can also have a payment term of many years if you’re qualified. This often makes it the best option if you have lengthy expenses, like renovations, car payments, or if you simply need an emergency fund that replenishes itself when you pay your full balances.

Home Equity Loan

The second most popular product that Burnaby homeowners will apply for is a home equity loan, which allows you to dip into a maximum of 80% of your available equity. Similar to a traditional personal loan, you would be granted a lump sum of money, rather than a revolving line of credit.

Regardless of how much of that money you use up, you’ll have to repay the money you’ve borrowed through installments, often with a fixed interest rate that stays the same throughout your payment term. This can be beneficial because you’ll know exactly how much you’ll need to pay from month to month, helping you budget accordingly.

Although repayment terms are usually a bit shorter than the average HELOC, this means you can also get yourself out of debt faster and maybe even save some money. This makes a home equity loan a somewhat better choice if you have more temporary expenses to cover, such as consolidating a large amount of debt, financing new furniture or appliances, or pricey home repairs.

Read this before you consolidate any high-interest debt using your mortgage.

First vs. Second Mortgages

By getting a HELOC or a home equity loan, you’ll be adding a mortgage product to your credit report. If you haven’t totally paid off your primary mortgage yet, that product gets put into second position and thus becomes your second mortgage. Although home equity loans are more commonly referred to as second mortgages, a HELOC also qualifies as a mortgage product and would have a similar effect on your finances.

Second Mortgage Rates

As such, you must fully pay off your primary mortgage before your secondary one can be placed in first position. Until then, it’s important to budget for the fact that you may end up with a higher interest rate, due to the increased risk a lender would be taking by approving a home buyer with two mortgages on their property.

Your rate might be even higher if you apply with an outside lender in Burnaby because, if you ever go into mortgage default and are subject to any debt collection penalties, they would be second in line to receive compensation. Whether you apply with your primary or secondary lender in Burnaby, it’s essential to budget properly for all the different costs involved, particularly when you have two sets of mortgage payments on your hands.

Interested in what it costs to buy a house in your city? Check this out.

Good vs. Bad Times to Apply for a HELOC in Burnaby

While Burnaby, like much of BC, has more expensive housing than other parts of Canada, a mortgage is a major responsibility no matter where you live. Having two mortgages is, of course, a greater challenge.

Good Times

Nevertheless, having access to a potentially large line of credit is a huge advantage when you need it most. Not to mention, making payments on time and in full is a good way of improving your credit score. So, it’s best to only apply for a HELOC when you’re financially stable and intend to use the funds for necessary but affordable things.

Examples:

• Ongoing debts (utilities, bills, taxes, etc.)
• Vehicle costs (repairs, fuel, maintenance, etc.)
• Home improvements
• Educational costs (books, tuition, etc.)
• Groceries and other household supplies
• Financial emergencies (car accident, unexpected travel, etc.)

Bad Times

On the other hand, having one or two mortgage payments every month can put a serious strain on your financial health when not handled responsibly. Failing to make your mortgage payments as assigned can lead to penalty charges, possibly resulting in your home being foreclosed (in the worst of cases). It’s probably better to avoid taking on a HELOC if your income won’t support it or when you have unnecessary items to cover.

Examples:

• Subscriptions and memberships
• Consumer goods (clothes, gifts, etc.)
• Additional vehicles you can’t afford
• Take-out food and restaurants
• Concerts and other events

Click here if you’re thinking of using your home equity to pay your credit card bills.

Interested in Applying For a HELOC in Richmond?

If so, don’t hesitate to contact Loans Canada. We’re confident that we can help you find the best home equity and mortgage products, rates, and lending sources in Burnaby. All you have to do is call us today or apply below!