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Every home equity product converts unsecured or absent debt into debt secured against your home. A missed payment then has a path to foreclosure it did not previously have. Federal rules cap combined mortgage and home-equity borrowing at 80 percent of the home's value, and a standalone HELOC at 65 percent.
In British Columbia, charges are registered with the Land Title and Survey Authority. The property transfer tax applies on transfer but not on refinancing - borrowers frequently assume otherwise. The provincial rules are on the British Columbia page.
Most lenders advance to a combined loan-to-value of 80% on a primary residence, with some second-mortgage lenders going higher at higher rates. Given Vancouver property values, 80% LTV often unlocks a substantial amount even where the equity percentage is modest.
Appraisal, legal, and registration costs apply on a new charge. BC's Property Transfer Tax applies on a purchase and frequently runs to five figures given Vancouver property values. Refinancing existing equity avoids it, which makes it the cheaper route for most homeowners here.
