Home Equity Take-Out

Unlock the equity in your Ontario home with a refinance, HELOC or second mortgage — for renovations, investments, education or a down payment on your next property.

Equity take-out

Your home has built up value. Put it to work.

As you pay down your mortgage and your home rises in value, you build equity: the difference between what your home is worth and what you owe. An equity take-out lets you borrow against it at mortgage rates, which are far lower than personal loans or credit cards.

Popular reasons to take out equity

Down payment on an investment property or cottage
Renovations that add value, such as a basement suite or kitchen
Helping your kids buy their first home
Education costs or starting a business
Paying off high-interest debt (see debt consolidation)

See how much I can access

How much can I access?

Up to 80% of your home’s value, minus your current mortgage.

Home value: $1,000,000
80% limit: $800,000
Current mortgage: −$450,000
Available equity: $350,000

Example only. Subject to appraisal, credit and income qualification.

Three ways to access your equity

We compare the true cost of each, including any penalty for breaking your current mortgage.

Refinance

Replace your mortgage with a larger one at today’s rates. Lump sum up to 80% of value. Best when your rate or penalty works in your favour.

HELOC

A revolving line of credit up to 65% of your home’s value. Borrow, repay and borrow again, paying interest only on what you use.

Second mortgage

Keep your existing first mortgage untouched and borrow behind it. Useful when breaking your current mortgage would cost too much.

Ready to start your mortgage journey?

Get pre-approved in as little as 24 hours. No cost, no obligation.

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