Is this a good rate?Second opinion · Canada

2 guides

HELOCs and home equity guides

Judging a home equity line of credit, and when a HELOC beats a refinance.

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  1. Numbers firstWhat is a good HELOC rate in Canada?A HELOC rate is prime plus a margin. Compare it with the lowest HELOC rates lenders publish today, and see what each half point costs you a year.
  2. Side by sideHELOC vs refinancing your mortgageA HELOC and a mortgage refinance both tap home equity, but they differ on rate, repayment, flexibility and cost to set up. A side-by-side with worked numbers.