Q: How much equity can I borrow from my home in Canada?
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A: In Canada, you can typically borrow up to 80% of your home's appraised value, minus your remaining mortgage balance. This is often accessed through a mortgage refinance or a Home Equity Line of Credit (HELOC).
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Q: What is the difference between home equity and a HELOC?
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A: Home equity is the market value of your home minus what you owe. A HELOC (Home Equity Line of Credit) is a specific financial product that allows you to borrow against that equity as a revolving credit line.
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Q: Can I use home equity to pay off debt?
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A: Yes. Debt consolidation is a common use for home equity. Because mortgage rates are usually much lower than credit card or personal loan rates, using equity can significantly reduce your monthly interest payments.