📅 Last Updated: August 26, 2022
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood

HELOC Nova Scotia - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
111692748800 BreeUp to $250 0% Up to 65 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
11670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
1001642723200 Pay2Dayup to $1,500 - -
up to $1,500
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 9 - 78
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
91580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $5,000 29.78% - 44.8% 36 months
Up to $5,000
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 My Canada PaydayUp to $1,500 15% - 19% 14 days
Up to $1,500
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 17% up to 62 days
Up to $1,500
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
101545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
31545264000 Mogo FinanceUp to $3,500 47.72% -
Up to $3,500
101545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
181545177600 Magical Credit$100 - $20,000 Up to 46.8% Up to 60
$100 - $20,000
1001569974400 Speedy CashUp to $1,500 15% - 23% 14 days
Up to $1,500
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81714089600 Primed Loans$10,000 + 4%-45% 90 days+
$10,000 +
71714089600 OnTap Capital $10,000 to $2,000,000 10%+ Up to 36
$10,000 to $2,000,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
101545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
21679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
31632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
81624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
61597104000 Bryden Financing & Auto Sales- 4.99%+ -
-
1001594339200 Alphera Financial Services- - -
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575590400 Cars on Credit Financial- 14.5% to 29.9% -
-
1001575504000 Canada Car Loans- - -
-
61569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
51700524800 Rocket Mortgage- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Are you a Nova Scotia home buyer? Have you been wondering if there’s more you could be doing with your mortgage besides paying for your home itself? While buying the home you want is one of life’s most satisfying achievements, the benefits don’t have to end there. In fact, there are plenty more achievements you can attain once you’ve collected enough equity in your home. Sound interesting? Good, then keep reading!

For more information about mortgages in Nova Scotia, read this.

Home Equity and Second Mortgages Explained

Before we delve into the potential uses of your home equity, it helps to gain a better understanding of it. Not only can your equity enhance your financial lifestyle in Nova Scotia, you can use to make your home more valuable, so studying up on the subject is key.

Home Equity

In simple terms, home equity refers to the difference between the balance of your mortgage that you have left to pay and the total value of your home as it stands. There are a few different ways to build home equity, such as:

  • When you continually make responsible (timely, full) mortgage payments
  • When the real estate value of your property goes up because the homes in your neighborhood are in-demand
  • When you increase the property’s value through renovations, additions, etc.

For more information on accessing your home equity, click here.

Your home equity can be turned into accessible credit that you can use in various ways. In order to access it, the total value of your property will need to be determined through an appraisal. When you have at least 20% equity, you can potentially qualify for several popular equity products (which we’ll explain further below), including but not limited to:

  • Home equity loans
  • Home equity lines of credit (HELOC)

Trying to refinance your mortgage instead? Take a look at this appraisal checklist.

Second Mortgages

When you’re considering applying for one of the equity products listed above, you’ll probably hear both of them referred to as second mortgages. However, neither product should really be considered a mortgage, at least in the traditional sense of the word. In reality, both products involve withdrawing loan money from and paying it back toward your original mortgage, similar to how a traditional mortgage works. If your full first mortgage has not been paid completely, the home equity or HELOC will be placed in second claim position. Thus, they’re called second mortgages and can be applied for with your primary lender or mortgage broker, or through a secondary lending source in Nova Scotia.

Borrow from a bank or mortgage broker? Check out this article.

Normally, an equity product that’s in second claim position will come with a higher interest rate than your first position mortgage. That’s because the lender in question, whether they’re your primary or secondary source, will ultimately be taking a larger risk by lending to a homebuyer who already has one mortgage on their property. If you can’t afford both payments, you may go into default, causing them to use up time, money, and resources as they consider initiating the foreclosure process. A second mortgage will be secured against your property, so be careful not to miss any payments!

Want to know how a foreclosure would affect your credit score? Look at this.

All this being said, it is possible to have your home equity loan or HELOC put in first claim position, but only after you’ve covered the entire outstanding balance of your primary mortgage. If you manage to do this, your lender in Nova Scotia may give you a more reasonable interest rate for your new equity product.

Cost of Buying a House in CanadaInterested in knowing much it costs to purchase a home in your city? Check out this infographic.

Home Equity Loans and HELOCs Explained

Have you ever taken out a personal loan or a line of credit through your bank in Nova Scotia(or another primary lending source)? Home equity loans and HELOCs function in similar fashions. However, both products do differ in certain respects.

Home Equity Loans

Like a normal loan in Nova Scotia, home equity loans are deposited as lump sums of cash directly into your bank account following approval. You and your lender in Nova Scotia will then come up with a payment plan that works with your finances, which in this case can be around 10 years. The lump sum is then divided into equal installments, including interest. One by one (often on a monthly basis) you’ll complete these installments until the loan is paid back in full. These loans allow you to access a maximum of 80% of the equity that’s available and may be better under the following circumstances:

  • When a financial crisis requires immediate payment – Car accidents, no money for rent, or other financial emergencies can be solved easier when you can simply take out a loan and pay for them right away.
  • When you have a lot of unmanageable debt – If you already owe a lot of money to one or more lending sources, a loan can be a better way to pay your debts quickly, helping you avoid penalty fees or high-interest rates.When you’d prefer the option of paying a “fixed” interest rate and have a shorter payment plan – Most lenders in Nova Scotia also offer home equity loans with variable rates (read below). However, a fixed rate is often better when you’re trying to budget properly. Since your rate doesn’t change during your loan term, you’ll know, in advance, how much your loan payments will cost you overall.

Click here to read an article that further explains fixed and variable loans.

Home Equity Lines of Credit (HELOC):

Like a line of credit or credit card in Nova Scotia, HELOCs are revolving credit, rather than lump sums. This means you can withdraw from your HELOC whenever it’s necessary and only pay interest on the borrowed amounts. Again, you and your lender in Nova Scotia will work out a payment plan, which can be longer than a home equity loan, even up to 20 years in some cases, depending on how your lender in Nova Scotia operates. Also like a revolving credit product, HELOCs allow you the option of a minimum monthly balance payment. Even though it’s recommended that you make your payments in the fullest amounts possible, minimum payments will at least help you avoid the penalties of defaulting.

Just make sure not to fall into the minimum payment trap!

Similar to a home equity loan, a HELOC allows you to access a maximum of 65-80% of the value that your home has been appraised at. However, HELOCs are likely more beneficial under these types of circumstances:

  • When your expenses and bills are constant – Since your HELOC has the option of a longer payment plan, it can be more efficient when you have ongoing costs, such as home renovations, property taxes, utility bills, etc.
  • When you’d prefer a variable interest rate – While some lenders in Nova Scotia do offer fixed rates, a variable rate can often save you money because it fluctuates with Canada’s base lending rate (prime rate). If that base rate goes down during your payment term, you may end up spending less money than with a fixed rate.
  • When you only want to pay interest on what you’ve actually borrowed – Like a credit card, you won’t really need to pay anything if you don’t use it. Your home equity loan payments, on the other hand, need to be paid on the scheduled due dates, regardless of how much you’ve actually spent.
  • When you’re trying to build, fix or improve your credit score – While a home equity loan has the same effect, a HELOC is often more beneficial as a credit score improvement tool because you’ll potentially be making good payments over a longer period of time. The more timely, full payments you make, the higher your credit score will become, making it easier for you to be approved for future credit products with lower rates.

For more ways of fixing or improving your credit score this year, check this out.

Frequently Asked Questions

How do I get approved for a home equity line of credit?

Lenders will require that you have a decent credit score, a steady income, and a reasonable debt-to-income ratio. In addition, you will need to make a minimum down payment (or have a home equity) of 20% to 35% depending on the configuration of your home equity line of credit. You will need to provide proof of homeownership, mortgage documents, and consent to an assessment of your home’s value.

What are home equity lines of credit?

Similar in function to a credit card, a home equity line of credit is a flexible revolving loan with a credit limit based on your home’s equity. It differs from a credit card in that it uses your home as collateral to guarantee the loan. You benefit from a substantially lower interest rate, but interest accumulates daily and there is no repayment grace period.

What fees can I be charged for a home equity line of credit?

Besides interest charges, there are other fees associated with home equity lines of credit (HELOC). To be approved, a lender may charge you for a home appraisal, title search and registration fees, and other administrative fees. If you opt to insure your HELOC, you’ll need to pay the related premiums. If you cancel it, you may be charged a discharge fee to remove the lien from your home.

Make Loans Canada Your Source For HELOCs

The Loans Canada team is always here to help with your HELOC and home equity needs. When you apply with us, you’ll be swiftly connected with a lender in Nova Scotia with rates for your financial situation. Contact us today!

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