Mortgage solution
Home equity line of credit
A HELOC offers flexibility a loan can’t. The trade-off is that it doesn’t amortize: without voluntary principal payments, the balance is the same years later.
Flexibility with discipline
You repay and redraw as you like, and the minimum payment often covers interest only. Unless you make deliberate payments against principal, the balance stays exactly where it started.
Compare line, loan and refinance
For smaller work, a line usually wins: no notary fees, no penalty. For a large amount over several years, a refinance at a lower rate comes out ahead despite the closing costs.
Understand the equity impact
Tapping equity thins the safety margin in the property. Before you withdraw anything, be clear on the exit, the repayment plan and what it does to a future purchase or renewal.
Documents to gather
What the lender will ask for.
- Purpose of funds
- Limit needed
- Variable rate
- Repayment plan
- Remaining equity
- Renewal impact
Frequently asked
Line of credit or refinance for renovations?
A line suits modest, occasional needs: no penalty, no notary fees, but a higher and variable rate. A refinance wins on a major project, as long as the penalty to leave your current term doesn’t eat the saving.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Have your file reviewed before you commit.
Have my file reviewedFinancing types
Pick the situation closest to yours.
Contact
Tell Mathieu about your project
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files