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Rates updated Sep 5, 2025
Rates updated Sep 5, 2025
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Since 2015, more than 2,000 homeowners in Ontario have given us 5-star reviews.
360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
HELOC Basics and Definitions
Access up to $250,000 anytime
A home equity line of credit (HELOC) is a flexible credit line secured by your home. HELOC usage and common purposes include renovations, debt consolidation, living expenses, or emergencies. Some lenders offer online portals for accessing and managing HELOC funds. Repayment and payment structures are typically interest-only and readvanceable. Talk to our team for tips and responsible borrowing.
FAQs about home equity lines of credit:
1
What do I need to qualify?
Eligibility and qualification requirements for a HELOC include at least 20% home equity. Major banks require strong credit and income, while private HELOCs have no income or credit requirements.
2
Typical HELOC rates in Ontario?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. Rates for HELOC in 1st position start at P+0.50% and in 2nd at 7.49%.
3
Are personal lines of credit better?
A personal line of credit or unsecured loan isn’t backed by real property, so they typically come with higher rates, lower limits, and stricter approval.
4
Best HELOC features and benefits?
Flexible borrowing and interest-only repayment with low rates—some lenders also offer convenient access cards, cheques, and no annual fees.
5
Pros and cons of HELOCs?
HELOCs offer flexible access and interest-only payments, but using your home as collateral means missed payments carry risk and it’s easy to overspend. There might also be closing costs (i.e. loan origination fees and appraisal fees) depending on your qualifications.
Approved HELOC with $150,000in credit limit
Monthly payment Interest onlyon balance used
Mortgage Line of Credit
Paula and Daniel own a charming neighborhood restaurant in the suburbs of Mississauga and are preparing to welcome their first child. While their restaurant is performing well, they know the food industry can be unpredictable—especially with a growing family and plans to expand the business.
They wanted peace of mind and flexible financial support without taking on unnecessary debt up front. In their early conversations with us, we introduced the idea of a standalone HELOC—a revolving credit line secured by their home equity. We explained how this option could provide long-term flexibility, especially compared to fixed-term loans.
How 360Lending helped the couple secure a rainy day fund
Paula and Daniel had built up substantial equity in their $1,100,000 home, with only $575,000 remaining on their mortgage. They weren’t sure if or when they’d need the funds, so a home equity line of credit was the most suitable product.
We explained how HELOC interest rates typically start lower than other forms of credit, and that they would only pay interest on the amount they actually borrow—ideal for uncertain timing. The couple was also interested in budgeting tools, so we walked them through our HELOC payment calculator to estimate costs under different draw scenarios.
Our team used 12 months of business bank statements and proof of ownership to help them apply for a home equity line of credit, even though traditional banks can be hesitant with self-employed applicants.
Results
With strong equity and consistent business revenue, Paula and Daniel qualified for a $150,000 HELOC at a competitive rate. Now they have access to funds when they need them—whether to expand the restaurant or handle future family needs. Their HELOC came with no annual fees, a readvanceable structure, and a flexible draw period. We helped them compare home equity line of credit rates from multiple lenders to ensure they got one of the best home equity line of credit offers available. While their credit was only average, we explained that even a HELOC with bad credit is sometimes possible when enough equity is available. The couple appreciated how easy the process was and now have a financial cushion without the pressure of immediate repayment.
Find out how much you can borrow with a HELOC:
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What you'll need to apply for a home equity line of credit in Ontario, Canada
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
T4s from the past 2 years & pay stubs (salaried or hourly)
Bank statements (self-employed or retired)
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unit 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
