HELOC Saskatchewan

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
1	1620777600		Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
3	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
5	1543622400		Up to $60,000	19.99% – 34.99%	6 – 120 months	Up to $60,000
6	1545264000		$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
7	1552262400		$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
8	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
9	1692748800		Up to $500	0%	Up to 65 days	Up to $500
10	1666051200		$250	0%	–	$250
11	1568937600		Up to $10,000	Varies by product	Varies by product	Up to $10,000
12	1545350400		Up to $7,000	35%	6 – 60	Up to $7,000
14	1579478400		$850 – $1,600	19.8% – 34.95%	36 months	$850 – $1,600
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
17	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
19	1582243200		–	–	Up to 60	–
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
22	1683676800		$15,000	6.7%	Up to 60	$15,000
23	1551139200		Up to $15,000	34.99%	Open-end	Up to $15,000
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
1	1545955200		$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
2	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
3	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
4	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
5	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
6	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
7	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
8	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
8	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1548720000		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1550534400		$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400		–	–	–	–
100	1550534400		$5,000 – $200,000	–	–	$5,000 – $200,000
100	1551398400		$3,500+	–	–	$3,500+
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
6	1582761600		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
8	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $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
100	1548633600		–	Starting at 4.2%	–	–
100	1551830400		Starting at $5,000	–	–	Starting at $5,000
100	1551830400		–	–	–	–
100	1561507200		–	–	–	–
100	1575590400		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1579478400		–	–	–	–

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		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
100	1578873600		Up to $50,000	–	24 – 60	Up to $50,000

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
4	1690934400		–	–	–	–
5	1700524800		–	-	-	–
7	1708473600		–	–	–	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1577059200		–	–	–	–
100	1578873600		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		–	–	6 – 60	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1548720000		–	–	12 – 60	–
100	1574899200		–	–	12 – 60	–
100	1627344000		–	4.50% – 5.97%	12 – 60	–

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		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
100	1576368000		Credit Counselling, Debt Management Program
100	1576540800		Credit Counselling, Debt Management Program
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal

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If you’re in the process of paying down your mortgage or you already own a house in Saskatchewan, it’s likely that you’ve built up some home equity, which you can put to use in a variety of ways, including but definitely not limited to:

• Consolidating any high-interest debt
• Tuition, school books, or other educational costs
• Dealing with necessary home-related bills (property taxes, utilities, internet, etc.)
• Household repairs, additions, renovations, and maintenance
• Taking out a “second-mortgage”

What is a Second Mortgage?

Despite its title, a second mortgage doesn’t actually involve borrowing money for a typical mortgage. It technically means that you’re taking out a second loan against the property in question, which then falls into the second position next to your first mortgage.

Essentially, you can take out a second mortgage once you’ve built up some home equity in the property that you’re currently mortgaging. When we talk about home equity, we refer to the portion of your first mortgage that you’ve managed to pay off, as well as a portion connected to the fair real estate market value of the home itself. If you wish, you can take out your second mortgage through a secondary source (other than your original lender). In that case, interest rates might be slightly higher than your first mortgage, due to the fact that your new lender will be taking more of a risk by lending to someone who’s already paying for a first mortgage. If you ever go into default, your first lender gets priority payment if the home needs to be sold.

If you’ve built up 20% equity or more, you can apply for either a home equity loan or a HELOC in Saskatchewan.

Check out this infographic to learn about the true cost of borrowing.

Home Equity Loans

This type of home equity product is more similar to a traditional Saskatchewan loan, such as a personal loan or a short-term loan. In this case, you would borrow an amount related to how much equity you currently have. Assuming you’re approved, the loan money will be deposited in a lump sum, directly into your bank account. You can then use that money for your necessary expenses and pay it back over the agreed-upon payment schedule, which involves a series of equally divided installments, coupled with an interest rate (the cost of using the lender’s services). Typically, the loan term lasts up to around 10 years. Once the loan is paid in full, you’re free to take out another or move on.

Benefits of a home equity loan:

• It allows you to borrow up to 80% of your home’s appraisal value, with the exception of the remaining mortgage balance
• You’ll know exactly how much your loan will cost you by the end of your payment term (including installments, interest rate, and other fees)
• You’ll have a “fixed” interest rate (the rate doesn’t change during the payment schedule), which is easier to calculate.
• Maybe a better payment method for one-time emergency expenses

Home Equity Lines of Credit

Similar to a home equity loan, opening up a HELOC in Saskatchewan also involves borrowing from your home equity. However, a HELOC comes in the form of revolving credit, with a set credit limit according to the amount of equity you’ve built up, rather than a specific loan amount, sort of how a credit card works. You borrow from the credit line whenever you need and then pay it back in full or via monthly minimum payments.

Benefits of a HELOC in Saskatchewan

• They allow you to borrow up to 65-80% of your home’s appraisal value.
• You’ll have the option of paying a minimum monthly balance payment, similar to a credit card. While it’s better to make full payments, this will at least help you avoid penalties for missing a payment.
• The payment period is longer than a home equity loan, sometimes 20 years.
• Interest rates are usually variable (although some lenders offer fixed rates), meaning if Canada’s prime rate goes down, your own rate could end up lower and less costly than home equity loan fixed rate.
• Usually a better choice when you have ongoing expenses (lengthy renovations, recurring bills, etc.)
• Since the payment period is longer, a HELOC might be better for your credit health, as long as you’re making your payments on time and in the fullest amounts possible.

Looking for some other ways of improving your credit this year? Check this out.

Frequently Asked Questions

Looking For a HELOC in Saskatchewan

If you’re interested in applying for a home equity line of credit in Saskatchewan, congratulations, your search has ended! Loans Canada is here to help you get connected with the best second mortgage lenders in your area. Apply with us for better mortgage options today!