Home Equity Line of Credit

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Interested in accessing the equity in your home?

A home equity line of credit is secured against your property, so the interest rate is much lower than an unsecured line of credit. It provides instantly available funds that can be spent any way you like such as RRSP contributions, renovations, vacation, cottage, investment properties etc.

The HELOC is very attractive to investors or self employed individuals as the monthly payment required is very low (interest only). Clients that have a HELOC also have the added benefit of a fully open mortgage that can be paid down as much as they want at any time with no penalties. Also, you are able to re-draw the funds from the line of credit at any time up to the credit limit. It is the same concept as a credit card, but with a much better rate! As well, you only pay interest on the amount of money that you have used, not your total credit limit.

You are able to borrow up to 80% of the value of your home. You can keep the line of credit for as long as you own the home. So if you pay it off and need money quickly, all you need to do is write a cheque. You do not have to apply for a new loan.

With most lenders, if at any time you wish to convert your HELOC to a regular mortgage, you can do so with a simple phone call.

HELOC’s can be used to purchase a new principal residence or a rental property. If you already own your property, we can look at placing a HELOC on your existing property, so that you can use the equity that you have built however you like.

Borrower Qualification

  • Must have minimum credit score of 650
  • No previous bankruptcy or judgments
  • Must have more than 20% equity available in the property.


Equity Take Out — Borrowers can enjoy their money now and not have to wait until they sell their home. Take advantage of a secured line of credit based on MCAP Prime that can be used for any purpose.

Refinancing — Refinance up to 80% of the value of your home.

Purchase a Home — Instead of a traditional first mortgage, use a HELOC to finance a home purchase and get the added flexibility to redraw funds as needed, over time

Getting Started

The first step to acquiring a home equity line of credit is to fill out our online mortgage application. Once you complete this form one of our local Regina Mortgage brokers will contact you to complete your approval. Click APPLY NOW below to get started!

Quick Mortgage Pre-Approval