Home Equity Line of Credit Toronto

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Mortgage Offers
pick the one thats right for you.
  • get
    $ 2,000
    on purchase over
    $500, 000
  • Receive
    $ 1,400
    when you transfer
    your mortgage of over $500,000
  • complimentary
    12 months
    Home service plan
    fint out more

Qualification for HELOC varies from one lender to the next. Other than having equity on your home and retaining equity of a minimum 20%, other HELOC qualifications include:
  • Good credit score (typically 740+ to get the best rates). Credit score under 650 will rule you out with most lenders
  • Proof of income to show you can afford the monthly payments. These could be pay tubs, T4s, and so on
  • A debt-to-income ratio of between 40% and 50%
  • Good credit score (typically 740+ to get the best rates). Credit score under 650 will rule you out with most lenders
  • Proof of income to show you can afford the monthly payments. These could be pay tubs, T4s, and so on
  • A debt-to-income ratio of between 40% and 50%
Featured Rates
Fixed
  • Lender
  • Rate
  • Term
  • Toronto-Dominion
    3.04%
    5 years
  • Scotiabank
    3.04%
    2 years
  • MCAP
    2.99%
    5 years
  • CMLS
    2.84%
    3 years
  • RFA
    2.64%
    5 years
  • First National Bank
    2.74%
    5 years
  • DUCA
    3.84%
    1 year
  • B2B
    3.19%
    2 years
  • Meridian
    2.79%
    5 years
  • RMG Mortgage
    2.69%
    5 years
Variable
  • Lender
  • Rate
  • Manulife Bank
    2.74%
    5 years
  • Home Trust
    3.00%
    5 years
Other
  • Type
  • Rate
  • Secured line of credit
    4.45%
  • Private mortgages
    5.99%
Questions?
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Lowest Interest Rates and Terms


At Approved Mortgage Broker, we search for the lender with the lowest interest rates and the terms that best suit you. We also go for a lender with the least fees. The most common HELOC fees are appraisal fees, title search and title insurance fees, and legal fees. Lenders are usually flexible and our team’s negotiation skills honed over years means the best possible deal. Did you know you can pay off your mortgage using a HELOC? You can replace your mortgage loan with your HELOC since HELOC interest rates are lower than those of a mortgage. Some lenders transfer mortgages into HELOCs, but you will have to pay a penalty if you are paying off your mortgage early. At Approved Mortgage Broker, we will do the math to determine if you will save by replacing the mortgage with a HELOC.


Purchase or Refinance
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What our CLients Say
Approved
  • Avatar gilles veilleux ★★★★★
    Masoud and his team are truly focused and result driven. I did my refinancing with them, it went smooth from start to finish.
  • Avatar Roosevelt Freeman ★★★★★
    I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
  • Avatar Linda Howard ★★★★★
    After some unfortunate interactions with my previous mortgage broker trying to close the deal I was recommended Approved by a friend of a friend. I didn't have my hopes high to be completely honest, however decided to give it a go and called Masoud. He was quite reassuring over the phone, and after our meeting I finally felt like I'm in the right hands. Long story short, we closed the deal and most importantly I got a much better rate than expected. I already recommended Approved to my colleague, and I'm sure there'll be more referrals from me when the time comes
  • Avatar Juan Pearson ★★★★★
    Nick gave me great advice and fair rates to process my mortgage. Marianela, his assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys.
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Across Toronto
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