Looking to Apply for a HELOC in Ontario?

360Lending is an award-winning mortgage brokerage based in Richmond Hill, Ontario. Over 2,000 homeowners in Ontario have given us 5-star reviews and we have an A+ rating from the Better Business Bureau.

We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

👉 Click here to talk to us about getting a HELOC.

If you’re a homeowner in Ontario looking for extra cash, a Home Equity Line of Credit (HELOC) can be a smart tool. It lets you borrow money against the value of your home at lower interest rates than many other loans. Plus, applying online makes the whole process easier and faster.

Let’s walk through the key things you should know about HELOCs, including benefits, rates, how to use a HELOC to consolidate debt, and the step-by-step application process with 360Lending.

Benefits of Getting a HELOC

There are several reasons why a HELOC is popular among homeowners:

Lower interest rates: Because your home is security, HELOC rates are often much lower than credit cards or personal loans.

Flexible borrowing: You can borrow what you need up to your credit limit, repay it, and borrow again anytime.

Pay only on what you use: Unlike a traditional loan, you only pay interest on the money you actually borrow.

Easy access: Some HELOCs come with physical access cards and convenience cheques

Funds for emergencies: Use the funds for home renovations, debt consolidation, emergencies, or big purchases.

Improve cash flow: A HELOC can help lower your monthly payments by replacing high-interest debt.

Current HELOC Interest Rates in Ontario

If you have a good credit score (680 or higher) and a low debt-to-income ratio, you can usually qualify for very competitive HELOC rates. As of June 2025:

Prime borrowers with strong credit and low debt can get rates starting at Prime + 0.50% (which is around 6.20% based on the current prime rate).

If you want to keep your existing mortgage and add a HELOC as a second mortgage (in second position), rates typically start at 7.49%.

These rates vary by lender and your personal financial profile, but working with a mortgage broker can help you find the best available deal.

Save Money By Using a HELOC to Pay Off Debt

One of the smartest uses for a HELOC is to consolidate high-interest debt like credit cards. This can reduce your monthly interest payments by up to 50%.

For example:

Suppose you have $50,000 in credit card debt with minimum monthly payments around $1,250 (at about 30% interest).

If you consolidate that debt into a HELOC at a 9.99% interest rate, your monthly payments could drop to about $417.

This big drop in payments helps free up cash flow and makes it easier to pay off your debt faster.

Steps to Apply for a HELOC with 360Lending

Applying for a HELOC can feel overwhelming, but with 360Lending, it’s simple and guided every step of the way:

1) Talk to an Experienced Broker

Start by connecting with a knowledgeable mortgage broker who understands the Ontario market and your unique needs. Our team will explain how a HELOC works and answer your questions.

2) Understand Your Finances

Our team will generate a digital credit summary for you. Together, we’ll review your:

Credit score

Debt-to-income ratios (how much you spend on housing, plus total debts)

Potential savings by consolidating debt

Estimated borrowing power — how much you might qualify for

This clear financial picture helps you make informed decisions.

3) Order Appraisal and Gather Documents

Your broker will arrange for a professional property appraisal by an approved appraiser. This step confirms your home’s current market value, which is essential for lenders.

You’ll also collect important documents like proof of income, identification, and mortgage details.

4) Submit to Lenders and Shop for Rates

Your broker will send your application to multiple lenders and negotiate to find you the best rates and terms. This saves you time and ensures you get competitive offers.

5) Sign Paperwork and Close with Lawyers

Once you pick an offer, you’ll review and sign the loan documents. Then, the closing process happens with your lawyer to finalize everything and register the HELOC on your property.

Why Is a Property Appraisal Required?

Lenders require a professional appraisal to confirm your home’s value. This is important because the amount they lend depends on how much equity you have.

The appraiser compares your home to similar properties nearby that have recently sold.

They provide an expert opinion on your property’s market value.

This protects both you and the lender by ensuring the loan amount is safe relative to your home’s worth.

The appraisal usually costs around $450, though the price can vary depending on your location, property size, and uniqueness. Your broker will arrange the appraisal and can explain any fees involved.

Apply for a HELOC Online in Ontario Canada

Applying for a HELOC online in Ontario through 360Lending is a convenient and efficient way to access your home’s equity. Whether you want to consolidate debt, renovate your home, or prepare for emergencies, a HELOC offers flexible borrowing with competitive interest rates.

Working with an experienced broker will help you understand your options, get the best rates, and make the process smooth from start to finish.

If you’re ready to explore how much you could borrow or want personalized advice, don’t hesitate to reach out to 360Lending today.