HELOC Brandon, Manitoba

📅 Last Updated: November 4, 2024

✏️ Written By Kale Havervold

🕵️ Fact-Checked by Caitlin Wood

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HELOC Brandon - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
7	1692748800	Up to $350	0%	Up to 65 days	Up to $350
100	1688083200	$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
22	1683676800	$15,000	6.7%	Up to 60	$15,000
8	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
1	1620777600	Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200	–	–	Up to 60	–
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	$1,000 – $25,000
100	1579478400	$100 – $1,500	–	–	$100 – $1,500
14	1579478400	$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
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 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
11	1569974400	Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
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
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
4	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	$500 – $750	23%	3 – 4	$500 – $750
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
9	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	Up to $35,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	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	1598918400	–	–	–	–
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
100	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	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552953600	–	–	–	–
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	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 15 years	Up to $500,000
100	1551830400	Starting at $5,000	–	Up to 84	Starting at $5,000
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 $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
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
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
6	1582761600	–	–	–	–
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	Starting at $5,000	–	–	Starting at $5,000
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	$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	–
9	1561507200	Up to $50,000	–	Up to 96	Up to $50,000
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600	–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	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	–	-	-	–
4	1690934400	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
100	1627344000	–	4.50% – 5.97%	12 – 60	–
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	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
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	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 Canada, a mortgage is all but required to buy a home. Whether you are in a large metropolis like Toronto or a smaller city like Brandon, most homes will still cost hundreds of thousands of dollars. Most of us don’t have that available to simply spend on a home.

However, in addition to borrowing money to purchase a home, did you know it is also possible to use your home to borrow money? If you have equity in your home, you can use a HELOC in Brandon to borrow money against your home. This can be used for a variety of different things and is a good option for some quick and affordable cash.

What is a HELOC?

A HELOC in Brandon stands for a home equity line of credit. It is when an individual uses their equity they have accrued in their home to access the cash they need. It is a type of revolving credit, so it is more like a credit card than a traditional loan.

It can be a great way to deal with emergencies as you can borrow money when you need it, without having to apply for a whole new loan. There will be a maximum you can spend, however, and that amount will depend on the equity you have in the home as well as factors like the value of the home and your remaining mortgage balance. As long as you are under that maximum, it is up to you to decide how much you borrow.

The interest rates associated with HELOCs are often quite low (when compared to standard unsecured loans) as your equity is being used as collateral, which means there is much less risk for the lenders, so they don’t need to charge you an inflated interest rate for security. You will also only pay interest on the amount that you have withdrawn and used, as opposed to being charged interest for the whole maximum amount. If you don’t use any, or completely pay it back, you won’t need to worry about making payments.

The Most Common Uses for a HELOC in Brandon

Now that you are aware of what a HELOC in Brandon is, what are they most commonly used for? While the funds can essentially be used for anything you might need a little extra money for, there are a few common reasons we see them used. This includes:

Consolidating debts to simplify payments or get a lower interest rate
Use the money from the loan to increase the value of your home in some way
To make a large purchase that you cannot afford in cash. This could be renovations, travel, or other expensive things you need to pay for.
As a backup or emergency fund to have in case you ever need money quickly and easily, without paying high-interest rates

Of course, be sure to think long and hard before you use a HELOC. If you overspend on things you don’t necessarily need, it could end up hurting you in the long run. If you miss payments and don’t pay interest, you are putting your home equity at stake.

HELOC vs. Home Equity Loan

When many people think about a HELOC in Brandon, their minds also go to a home equity loan. A home equity loan is a financial product that will provide you with the funds you need. It is similar to a HELOC in that both use your equity to provide you with funding. However, while a HELOC is a revolving line, a home equity loan comes in one lump sum and must be paid back in standard installments.

Like a HELOC, how much equity you have in your home comes into play when getting a home equity loan. Generally, lenders like to see people have at least 20% equity in a home before they are able to get a loan like this. When it comes to a HELOC, they are generally more flexible and have lower rates, but it can be hard to budget for payments. On the other hand, a home equity loan offers predictable payments and rates, their rates are generally higher.

So while they are similar in the way they both get you additional capital by using your home equity, there are certainly some major differences as well. Another way they are different is how they are used. Depending on your situation, there is a good chance that one is a better choice than another.

For example, if you are doing a home renovation and not sure exactly how much you’ll need for it all, the flexible nature of a HELOC is generally a better idea. But if you want to consolidate your debt, it often makes more sense to go with a home equity loan. If you’re not sure which one makes more sense for your unique situation or scenario, be sure to talk to a trusted expert.

Can you use home equity to pay off a consumer proposal?

When is it a Good (or Bad) Time to Get a HELOC or Second Mortgage?

While a HELOC in Brandon can be an excellent solution in many cases, it isn’t always the right choice. There are good times to use a HELOC or a second mortgage, and certain situations when it is not the best choice. If you simply want to use the extra money to buy a new TV, pay for an all-inclusive vacation, or go on a shopping spree for new clothes, that would not be the right time to use a HELOC.

Spending irresponsibly with money that is backed by your home equity is never a good idea. If something happens and you cannot pay back what you used, you could potentially be putting your finances at risk if you default on your payments. You could lose all of the equity in your home, which could have taken you years to build up.

If you plan on using it to increase the value of your home through renovations or expansions, that can often be a good reason to use a HELOC. Of course, be sure to budget correctly for the renovations and know how much you need. Over-borrowing from the HELOC could lead to paying more interest than you really needed to.

Also, other good reasons for using a HELOC is for emergencies or unforeseen circumstances. Dealing with a medical emergency, bouncing back after a car accident or paying for emergency travel are all other good ways that a HELOC or second mortgage can be used.

Of course, every family, person and situation are different, so be sure to speak to an expert about your unique situation and whether a HELOC is a good or bad choice.

The Right HELOC for Your Needs

Whether you want to learn more about a HELOC in Brandon or have any questions on the subject, don’t hesitate to reach out to us. We at Loans Canada are confident we can help you out and have the answers to your questions.

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