HELOC Montreal

📅 Last Updated: September 6, 2024

✏️ Written By Lisa Rennie

🕵️ Fact-Checked by Caitlin Wood

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HELOC Montreal - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1694390400	$500 – $2,500	18.99%	3 – 6	$500 – $2,500
100	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
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	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1592438400	$500 – $1,500	18.99%	3 – 6	$500 – $1,500
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	1551830400	$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1550534400	$3,000 – $15,000	13.99% – 34.99%	12 – 60	$3,000 – $15,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
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
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	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
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

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
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	–	–	–	–
100	1598918400	–	–	–	–
100	1592438400	–	–	–	–
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	$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	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
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	–	–	–	–
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	$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	$10,000 – $300,000	–	–	$10,000 – $300,000
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1581033600	–	–	–	–
100	1579478400	–	–	–	–
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	$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	–	–	–	–
100	1575590400	–	–	–	–
6	1569974400	–	Up to 29.99%	12 – 96	–
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1548633600	–	Starting at 4.2%	–	–
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
100	1731542400	$15,000 – $1,000,000	Starts at 12%	Up to 36	$15,000 – $1,000,000
5	1700524800	–	-	-	–
100	1695945600	–	–	–	–
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	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1577059200	–	Varies	–	–
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	–

		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

Homeowners are in unique positions to be eligible for certain types of loan products that are not available to consumers who do not own a home. In cases where extra funds are needed to cover a large purchase or expense, there are various loan products out there to help cover the bills.

In particular, home equity lines of credit (HELOCs) are unique types of loans that allow homeowners to tap in their home equity to get their hands on the funds required.

If you’re currently a homeowner in Montreal and have a certain amount of equity in your home, you may be eligible for a HELOC. Let’s go over what a HELOC in Montreal is and whether or not it’s the right type of loan product for you.

What is a HELOC?

A HELOC – which is short for a “home equity line of credit” – is a type of revolving credit that allows homeowners to borrow against the equity in their homes. They’re also referred to as “second mortgages” because they take second priority over first mortgages.

Click here to learn how you can build home equity in Canada.

A HELOC in Montreal works very similarly to traditional credit cards. Once you’re deemed to be eligible for a HELOC by your lender, you’ll be allowed to withdraw up to a specific credit limit. You’ll be free to withdraw as much or as little against your equity as you like within the credit limit allowed.

Once you repay the amount you withdraw, you can borrow against the equity, again and again. Instead of being charged interest on the entire credit limit, you’ll only be charged interest on the money you withdraw. Once those funds have been paid back – along with the associated interest – you won’t be subject to any more interest charges until you borrow once again.

In order to qualify for a HELOC, you’ll need to own at least 80% of your home, including the loan amount you take out from your equity. If you end up with less than 20% equity, you may not be eligible.

Here’s how you can get the best rate for your line of credit.

Common Uses For HELOCs in Montreal

People take out loans for a variety of reasons, and HELOCs are no exception. Here are just a few uses for HELOCs in Montreal:

Home improvement – Home projects are usually very expensive endeavors that many homeowners don’t have the liquid cash to cover. A HELOC can prove to be very useful to cover this expensive cost while simultaneously boosting the value of your home.

Consolidate debt – If you have a lot of high-interest debt, you might be able to take out a HELOC at a much lower rate to eliminate all of that other debt. This will not only help you save a lot of money in interest, but it will also make managing your debt more feasible.

Make a large purchase – Whether you need to fix your car, pay for your child’s college tuition, or simply want to take a big family vacation, a HELOC can make that happen.

What’s the Difference Between a HELOC and a Home Equity Loan?

You may have heard of a home equity loan in addition to a HELOC. But what’s the difference?

Both HELOCs and home equity loans allow homeowners to borrow against the equity in their homes. But while HELOCs work like revolving credit similar to a credit card, a home equity loan works more like a traditional loan.

With a home equity loan – also often referred to as a second mortgage – lenders provide borrowers with a lump sum of money that’s taken against the home’s equity. To repay the loan amount, borrowers pay installments until the full loan amount is repaid by the end of the specified term.

The right financial product for you will depend on several things, including what you need the money for and how often you believe you’ll need to access funds. For one-time financial needs, a home equity loan may work. But if you believe you’ll need to access funds a handful of times in the near future, then perhaps a HELOC in Montreal may work best.

Interested in either of these home equity products? If so, check this out.

When Should a Second Mortgage Be Considered?

While a second mortgage can be a convenient way to obtain the money you need, it should only be used after careful consideration of exactly what the money will be used for. Ideally, a second mortgage should be taken out to be put toward something that will help boost the value of your home. Rather than spending your borrowed funds on something that will immediately lose value, the funds can be used to increase the value of your home.

For instance, putting the money toward a home improvement that has proven to bring in a high ROI is ideal. A kitchen remodel, new flooring, or bathroom addition, for example, may all be good home improvement projects that will prove to be money well sent. Blowing the money on a lavish vacation, on the other hand, won’t bring you any added value.

Interested in Tapping Into Your Home Equity?

If a HELOC in Montreal or second mortgage sounds like something that would serve you well financially, let Loans Canada help you find the right lender and product for you that will offer you the terms and conditions that best suit your financial situation. Call Loans Canada today.

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