What is the Difference Between a HELOC and Refinancing?


Refinancing your mortgage and a home equity line of credit (HELOC) both give you access to the equity in your home as cash, but they work differently. 


Refinancing allows you to borrow more as part of your new mortgage, which gives you the cash up-front. A HELOC, on the other hand, is a facility that allows you to access the cash at a later date.



Refinancing your mortgage to access equity might be the best option if you need a lot of money in the short term, but you’ll be paying interest on it right away. A home equity line of credit is better if you don’t need the money immediately, because you won’t have to pay interest until you actually use it. 



However, HELOC rates tend to be higher than what you’d pay by refinancing.



Learn more about a Home Equity Line of Credit



If you’re thinking of accessing the equity in your home, or are curious about how much equity you currently have, reach out today to get the conversation started. My team and I can assess your personal situation at no cost to you and help you understand what your options are. If you’re ready to set up a HELOC or second mortgage then I can also find you the best deals and guide you through the process.




How can Ahmad, mortgage specialist at AskAhmad.ca and the Total Mortgage Source 360 Team help you?


Ahmad and his team are industry experts on mortgages. They offer excellent customer service and pride themselves on their ability to help you find the right mortgage product for your needs.

We can offer you some of the most competitive interest rates and mortgage products available because we have access to Canada’s leading lenders, including banks, mortgage firms, trust companies and private lenders. 

Want to learn more about how Ahmad can help you secure your mortgage? Reach out today to get the conversation started!  Ready to apply for your FREE mortgage pre-approval?  Click HERE  



“Ensuring the Highest Level of Customer Service and Securing You a Better Rate on Your Mortgage”



Total Mortgage Source 360  FSRA#12151 – Each office is independently owned and operated 







Meet Ahmad, Your Mortgage Specialist.

My promise to You:

I will find you the best rate and products

Unlike your traditional bank, which only has access to their own products, I have access to products from most major lenders in Canada which ensures I find the best product suited to your needs and goals

I will simplify the process for you

Buying a House Can Be Overwhelming, especially if you don't know where to start. My passion is helping guide clients and friends through the path to homeownership.


From the time of your initial inquiry, until the day of funding, consider me your guide and coach. I'll ensure you have a clear picture of the steps ahead so you move forward confidently and that every decision your make is an educated one.


I work for you, NOT the lenders.