- Pre-approval in as little as 24 hours
- Credit scores 650 and below welcome
- Licensed Ontario mortgage brokers — FSN #13301
- No hidden fees — straightforward advice you can trust
Thunder Bay
Port Arthur
Fort William
Ontario
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit secured by a home, allowing homeowners to borrow against their equity as needed and pay interest only on the amount used. Unlike a conventional loan, a HELOC works like a credit card: funds can be drawn and repaid repeatedly up to a set limit, making it ideal for ongoing expenses such as renovations, medical bills, or tuition fees.
Lighthouse Lending helps clients determine the available equity in their property, compares rates and terms from various lenders and explains how the variable interest rate and repayment options impact monthly cash flow. We also ensure borrowers understand the risks, such as fluctuating rates, and help manage withdrawals to keep costs under control.
Home Equity Line of Credit (HELOC)
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We move quickly so you don't lose momentum on your financial goals.
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Credit challenges don't disqualify you. We've seen every situation and helped through it.
Our volume gives us access to preferred rates banks simply can't match.
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While requirements vary by loan type, we work with buyers with scores as low as 580 for FHA loans. Conventional loans typically require 620+.
In Ontario, the minimum down payment is 5% for homes up to $500,000, 5% on the first $500,000 and 10% on the portion above that up to $1.5 million, and 20% for homes over $1.5 million, with mortgage insurance required if you put down less than 20%.
Mortgage rates change frequently based on market conditions, but in Canada, most borrowers are currently seeing approximately 3.8%–5.5% for fixed rates and around 3.3%–4.5% for variable rates, depending on the lender, term, and your financial profile.
The mortgage process typically takes 1 to 4 weeks, depending on factors like document submission, lender approval times, and the complexity of your application.
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