How Much Can You Get?
You're approved for a credit limit based on your home's value, your mortgage balance, your income and your credit.
At most lenders:
- Line of credit: up to 65% of your home's value
- Mortgage and HELOC combined: up to 80%
Most HELOCs only require an interest payment each month, but paying down the balance saves you money. The rate is usually variable, so your payment can change when rates move.
HELOC, Second Mortgage or Refinance?
Standalone HELOC rates are set on a sliding scale based on your loan-to-value (LTV) and credit score. The more equity you keep and the stronger your credit, the better the rate.
Borrow as needed and pay interest only on what you use. Best for ongoing or flexible needs.
A lump sum that keeps your first mortgage in place. Lower credit and income needed. Good for fast cash or bruised credit.
Replace your current mortgage with a larger one and take the difference in cash. One payment, but breaking your mortgage early may come with a penalty.
What Does a HELOC Cost?
Setup costs depend on the lender. Here's what can be involved:
- Legal fees: A lawyer registers the HELOC on your title.
- Appraisal: Ordered only after you're approved.
- Interest rate: Set on a sliding scale by your LTV and credit score.
Every cost is shown to you before you sign. No surprises at the lawyer's office.
How It Works
Typical timeline: 10 days to 4 weeks from first call to funds.
1
Quick call (about 5 minutes).
We learn what you need.
2
Application by phone (about 10 minutes).
No forms to fight with.
3
Your proposal.
We show you what you should qualify for.
4
Documents.
Our team will reach out with exactly what we need.
5
We shop multiple lenders.
The goal is the best solution, not just the best rate.
6
Approval and appraisal.
You sign your approval, then the appraisal is ordered.
7
Lawyer signing.
We work with lawyers across Alberta and BC and can find one for you.
8
Funds released.
Your lawyer transfers the funds on closing.
Who We Help
Debt consolidation
Roll credit cards, loans and other balances into one manageable payment.
Bruised credit
A low score or past collections doesn't mean you're out of options.
Low income
Income that doesn't fit the bank's box can still qualify.
Self-employed
Write-offs lower your taxable income. We know how to present your income to lenders who understand how business owners actually earn.
Retirees
Pension income can qualify, even at a bank.
Renovations and big expenses
Use the value in your home for the project you've been putting off.
We work with homeowners across Alberta and BC, from Calgary and Edmonton to Surrey and Kelowna.
Why Homeowners Choose Elevate Lending
- Women-led, judgment-free. We help you through financial stress with dignity.
- Licensed in both BC and Alberta.
- In the real estate industry since 2010.
- Access to multiple lenders, so you're not stuck with one answer.
- Free consultation.
- All fees shown before you sign.
HELOC FAQs
Can I get a HELOC if I already have a mortgage?
Yes, if you have enough equity. Some lenders combine your mortgage and HELOC into one product.
Do I pay interest if I don't use it?
No. You only pay interest on the balance you use.
Can I get a HELOC with bad credit?
Yes. Standalone HELOCs have no minimum credit score. Your credit score and LTV set your rate.
Is a HELOC rate fixed?
Usually not. Most HELOCs have a variable rate.
Can I qualify on pension or self-employed income?
Yes, in many cases. We've had retirees approved at TD Bank on pension income, and we work with lenders who understand self-employed income.
What does it cost?
It depends on the lender and the solution. You'll see every fee before you sign anything.
What documents will I need?
It depends on your file. After your application, our team will reach out with exactly what we need.
Do I need my own lawyer?
You'll need a lawyer to sign and release the funds. We work with lawyers across Alberta and BC and can find one for you.