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Should You Refinance or Use a HELOC to Access Home Equity in Ontario?

Last updated: May 29, 2026

If you want to access home equity in Ontario, two common options are refinancing your mortgage or using a home equity line of credit, often called a HELOC. Both can help you borrow against the value of your home, but they work in very different ways.

A refinance usually changes or replaces your mortgage so you can borrow more, consolidate debt, adjust your amortization, or restructure your overall mortgage setup. A HELOC is a revolving line of credit secured by your home, which may be useful when you want flexible access to funds over time.

The better option depends on your available equity, income, credit, current mortgage terms, penalty, reason for borrowing, and repayment plan. The right answer is not always the lowest rate. It is the structure that fits the problem you are trying to solve.