How is it calculated?
The HELOC limit is the lower of 65% of the home's value and 80% of value minus your mortgage. Payments can be interest-only at prime plus a margin.
What should I do with the result?
Use it to set a budget or a target rate, then let lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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