Work out how much home equity you can actually access in BC: the 65% revolving cap, the 80% combined cap, and the interest-only payment on what you draw. Then see whether a HELOC, refinance, or readvanceable mortgage fits the plan.
Frequently asked questions
How much HELOC can I get on my home?
The revolving portion caps at 65% of your home’s value, and the HELOC plus your mortgage together can’t pass 80%. A $1,000,000 home with $500,000 owing leaves up to $300,000 of room.
What payment does a HELOC require?
Interest only, on what you’ve drawn. Draw nothing and pay nothing. That flexibility is the appeal, and for some people the trap.
Should I use a HELOC or refinance to pull out cash?
A refinance hands you the full amount at a lower fixed rate. A HELOC costs more per dollar but only bills what you use, and it revolves. One big known expense favours the refinance. Rolling or uncertain costs favour the line.