HELOC Quebec

📅 Last Updated: September 6, 2024

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

HELOC Quebec - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1694390400	$500 - $2,500	18.99%	3-6	$500 - $2,500
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
7	1666051200	$250	0%	-	$250
100	1643932800	$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
100	1734616573		29.9% - 46.9% APR	12 - 60
100	1600646400	$1,000-$7,500	12.99% - 29.99%	24 - 60	$1,000-$7,500
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1592438400	$250 - $1,250	22%	3 - 6	$250 - $1,250
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
100	1580860800	$250 - $1,250	22% APR	-	$250 - $1,250
16	1580774400	$1,000 - $25,000	8.99% - 34.99% APR	36 or 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	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551139200	$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	Up to $50,000	14% - 34%	Up to 60	Up to $50,000
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	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	7.9%	12	$500 - $1,000,000
2	1543622400	Up to $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
100	1545177600	$2,000 – $10,000	34.9% - 43%	12 - 60	$2,000 – $10,000
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 $3,000	22% - 35%	3 - 4	Up to $3,000
5	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	29.99%-35%	9 - 84	$500 - $100,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
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
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
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	-	-	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	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	Up to $100,000	-	-	Up to $100,000
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	$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	$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	$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
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
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
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
8	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
100	1600646400	$1,000-$7,500	12.99% - 29.99%	12 - 84	$1,000-$7,500
100	1594339200	-	-	-	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
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	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
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	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
100	1731542400	$25,000 - $1,000,000	Starting at 12%	up to 36	$25,000 - $1,000,000
5	1700524800	-	-	-	-
100	1695945600	-	-	-	-
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	-	-	-	-
100	1580860800	-	-	-	-
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	-	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%	-	-

		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	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

Are you currently mortgaging a home in Quebec? We have good news for you because your mortgage payments are valuable in more ways than one. Not only can a Quebec mortgage help you afford the home of your choosing, but you can also use it to access your valuable home equity. If you own a home, you may be able to use the equity you’ve built up to take on a HELOC in Quebec.

Need more information about loans in Quebec? Look for it here.

Home Equity and Second Mortgages

Accessing your home equity and applying for a second mortgage are two processes that are directly related. Below, we’ve included a short summary of each process so that you can learn how to use your own home equity to your advantage.

Home Equity

Essentially, your home equity is the amount of your principal mortgage that you’ve managed to pay off, coupled with the estimated real estate value of your home as it sits currently. The more of your mortgage you pay the more equity you’ll gain access to. Part of the process of determining how much equity you have also involves an appraisal of your property. This means that if your home is in good shape and your neighborhood increases in value, you can stand to earn some extra equity. Once you have at least 20% equity in your home, you can use it to take out a second mortgage, which we’ll explain below.

Planning to refinance your mortgage? Check out our appraisal checklist.

Second Mortgages

The idea of applying for a second mortgage can be a bit hard to understand if you’ve never discussed the idea with your mortgage broker, lender, or financial advisor. You may hear the word “second” and assume the procedure involves taking out an additional mortgage on your home for whatever reason. However, the term “second mortgage” is more of an expression than anything. A second mortgage actually refers to the process of accessing your home equity, which is typically done by applying for a home equity loan or a home equity line of credit (HELOC).

The term “second” mortgage only applies if you take out a home equity loan or HELOC while you’re in the middle of your original mortgage amortization. That’s because, if your primary mortgage is not completely paid yet, your chosen equity product will fall into the second claim position. You can even apply for a home equity loan or HELOC in Quebec through an alternate lending source (other than your bank or primary lender) if you’re trying to secure better rates or for any other reason. It’s good to know, however, that interest rates on second mortgages are usually higher than with first mortgages, simply because your mortgage lender is taking a significant risk with a borrower who’s already in the process of paying for a first mortgage. That being said, if you manage to pay off your entire first mortgage, your home equity loan or HELOC can be placed in the first position, which may earn you a lower rate and save you some money over time.

Home Equity Loans

As we said, there are two main credit products that homeowners can apply for in Quebec once they’ve built up at least 20% home equity. The first is a home equity loan, which allows you to access up to 80% of your available equity. Similar to a traditional installment loan, a home equity loan will be deposited into your bank account via a lump sum of cash. The loan also comes with a fixed interest rate, a payment schedule of around 10 years or less, and a set due date by which you’ll have to pay your full outstanding loan balance (all these components can be discussed with your lender).

Click here to see an explanation of fixed and variable rate loans.

Following approval, the loan will be secured against your home. Be careful, because turning your home into collateral means that you’ll lose it if you continually default on your home equity loan payments. Once you’ve secured your loan, however, you’ll be able to calculate exactly how much you’ll pay for your loan in total, which will help you draw up the right budget. Afterward, the loan funds are better invested toward:

Dealing with large amounts of unpaid consumer debt
Tackling emergency expenses (car-related problems, lack of rent money, etc.)
Paying for elective medical procedures or important medications
Any other large costs that require immediate payment

Want a loan to lease or purchase equipment for your Quebec business? Check this out.

HELOCs In Quebec

While a home equity loan can be beneficial in many ways, a HELOC is equally helpful because it allows you to draw from a revolving credit line in whatever amounts you’d like. You can then pay those funds back in monthly increments, just like a credit card. In fact, a HELOC in Quebec can be an even better credit product because you usually have a longer payment schedule (sometimes 20 years). HELOCs also come with a minimum payment option, again like a credit card, so that you can avoid penalties for defaulting, even if you don’t have enough money to cover your outstanding balance completely. Unlike a home equity loan, however, your HELOC will usually be accompanied by a variable interest rate (fixed rates are possible with some lenders), which will go up and down in accordance with the Bank of Canada’s market rate (otherwise known as “prime rate”). While you won’t be able to calculate your loan payments as easy (because they’ll vary according to how much credit you’ve used that month), you could stand to save some money if the prime rate goes down during your payment term. Additionally, you’ll only have to pay interest on the credit you’ve used, not on your loan payments as a whole.

Opening a regular line of credit? Look here to learn how you can get the best rates.

More closely related to a secured loan, however, your property may also be foreclosed and sold as collateral if you stop making responsible payments. Are you comfortable with that level of risk? If you are, it’s probably better to invest your HELOC in Quebec toward:

Any recurring or varying costs (home or vehicle repairs, frequent bills, etc.)
Increasing the value of your property (renovations, additions, landscaping, etc.)
Paying for your ongoing educational costs (books, school supplies, tuition, etc.)
Dealing with your revolving bills (credit cards, a regular line of credit, etc.)
Other expenses that are too large for your monthly income or credit card limits.
Building and/ or improving your credit score with a longer payment schedule.

Trying to avoid the foreclosure process in Canada? Read this first.

Frequently Asked Questions

Are there any fees related to a home equity line of credit?

There can be more than interest charges when it comes to a home equity line of credit (HELOC). Many lenders charge appraisal fees, lien search and registration fees, and other admin fees, just for the approval process. You may optionally want to add associated insurance coverage which means paying the premiums. Cancellation of your HELOC may require a discharge fee to remove the lien on the house.

What are the different types of home equity lines of credit?

Home equity lines of credit (HELOC) can be categorized in two ways. The first is a HELOC combined with a mortgage. The credit limit on such HELOCs will go up as you make payments towards the mortgage principal. The second type is a stand-alone HELOC which is independent of a mortgage. In either case, the maximum available credit cannot exceed 65% of the home’s value. HELOCs can also vary in what types of sub-accounts they offer, such as credit cards, car loans and personal loans.

What are the requirements for a home equity line of credit?

In order to qualify, lenders typically expect you to have a stable income, acceptable credit, and a manageable debt-to-income ratio. Depending on the configuration of the home equity line of credit, you may be asked to have a home equity of at least 20% to 35%, or make an equivalent down payment. In addition, proof of homeownership, mortgage details, and a home value assessment may also be required.

The Best HELOC For Quebec Homeowners

If you’ve been wondering how to use your home equity, one of your best choices is a HELOC in Quebec. For debt consolidation, bill payments, home maintenance needs, and other related expenses, a home equity line of credit can be the perfect financial tool. As always, Loans Canada is here to help you secure the best home equity lines of credit in your province. Apply today!

Get Started