A Home Equity Line of Credit, or HELOC, is a way for homeowners to borrow money using the part of their home they actually own as a kind of guarantee. Think of it like a credit card that uses your home's value. You can borrow what you need, when you need it, and you only pay interest on the amount you use. It's a flexible option for when you need extra cash for big things like home improvements, paying off debts, or even investing in new opportunities.

Some Benefits to a HELOC

Thinking about a Home Equity Line of Credit (HELOC) ? Here are six good things about getting one:


With a HELOC, you can borrow money as you need it, which is great for expenses that happen over time.

Debt Consolidation

Consolidate high-interest debts (like credit cards or personal loans) into one mortgage payment. This simplifies your budget and improves cash flow.

Increase Value

Using a HELOC for home renovations can increase the value of your home, which is a smart investment

Lower Payments

Unlike a regular loan, you only pay interest on the amount you actually borrow, not the total credit available.

How you want it

Use the money from a second mortgage for many purposes, like home improvements, debt consolidation, or as a down payment for another property.

Tax Benefits

If you use your HELOC to invest, like buying another property,  you might get to deduct the interest you pay on your taxes. Please confirm with your accountant

We believe everyone deserves a chance to improve their financial situation. That's why we work with a range of lenders, from well-known banks to near-prime lenders who offer solutions regardless of your credit score. Your financial past shouldn't dictate your future, and we're here to ensure it doesn't.


With a few quick questions we can have you well on your way to securing a comfortable future



With our questionnaire complete we will send you a list of documents required.


With all paperwork in hand we can provide you lender options for you to choose from.


You will sign the approval paperwork with us and the lawyer representing you.


At closing the lawyer will disburse the funds where necessary.

How is a HELOC different from a regular loan?

How is a HELOC different from a regular loan?

A HELOC works more like a credit card, giving you a credit limit you can use over time. You don’t get a lump sum all at once.

What do I need to qualify for a HELOC?

What do I need to qualify for a HELOC?

You need to own a home and have some equity in it. Lenders will also look at your credit score and income. For most of our available products in requires you to have a higher credit score of 700 plus and solid, provable income.

Are there limits to how much I can borrow?

Are there limits to how much I can borrow?

Generally, you can borrow up to 65-80% of your home’s value, minus what you owe on your mortgage. If you are strictly applying for a line of credit the maximum you can borrow is 65% as per government regulations. If you have a mortgage and a HELOC then we can access up to 80% assuming the revolving portion does not exceed 65% of the appraised value.

How do I pay back a HELOC?

How do I pay back a HELOC?

You make monthly payments on whatever amount you’ve borrowed, just like a credit card. The minimum payment required is generally the interest portion. Unlike traditional mortgages you are able to payout the HELOC in full without interest penalties.

Are there any upfront costs for a HELOC?

Are there any upfront costs for a HELOC?

The only upfront cost you should expect with a HELOC is an appraisal fee, generally around $500. All other potential fees or closing costs will be paid from proceeds of the refinance at closing time. We'll discuss all potential costs upfront, so there are no surprises.

What does the process of getting a HELOC look like?

What does the process of getting a HELOC look like?

Process is very similar to a traditional mortgage. You should still expect to complete an application, supply some supporting documents, get an appraisal done and choose a lender.

What if the homeowner has an existing mortgage?

What if the homeowner has an existing mortgage?

Many home owners do have a first mortgage. We can either draw down the line of credit to pay off the first mortgage. Or look at a combination product to have a mortgage and line of credit.
Can the interest rate change on a HELOC?

Can the interest rate change on a HELOC?

Yes, HELOCs usually have variable interest rates, which means the rate can go up or down depending on the Bank of Canada rate announcements . Typical HELOC rates are Prime plus 0.5%
Can I use the funds from a HELOC for anything?

Can I use the funds from a HELOC for anything?

Yes, the funds from a HELOC can be used for debt consolidation, home improvements, investments, or other personal uses.


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Don't just take our word for it. Our Google Reviews showcase stories from countless satisfied clients who've transformed their financial lives through refinancing. Plus, our accolades, including being in the top 50 for mortgages funded monthly nationwide and in the top 3% of Dominion Lending Centres, are a testament to our commitment to excellence.

Your journey to a more secure financial future is just a click away. Whether you're consolidating debt, planning renovations, or pursuing new investments, we're here to make refinancing straightforward and stress-free.


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Carleton Place, ON K7C 2V6


Office: 613.714.9499 |  Toll Free: 1.877.230.8872

Fax: 613.714.9488


Dominion Lending Centres The Mortgage Source is independently owned and operated. #FSRA 10145. Brad Plummer is an independent mortgage broker that places business with various mortgage providers. DLC is compensated for placing your business with a particular lender or will have to charge a fee for their services which will be disclosed well in advance. Not all products or services are shown on this page. If you would like to find a better suited solution it is best to speak to Brad Plummer about your unique situation and secure the best suited product for you. You can book a meeting HERE
Mortgage amounts and rates to be determined based on clients application, credit score, equity in the property and the location of the property. Rates are subject to change without notice. Other monthly fees and costs may apply depending on the lender. All costs will be disclosed once the application is approved and the client has an opportunity to decline the offer. Brad Plummer only handles the application process.
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