So let me ask another question. Do you think if it is in my benefit to get HELOC within a mortgage package today (as Scotia has offered me now) or wait and get it separately in future (when I have equity for sure)Natasha321 wrote: ↑ You can get HELOC with any kind of mortgage as long as you have adequate equity (and meet other qualifying criteria). Fixed or variable rate mortgages will not impact your ability to get a HELOC.
However if you have the mortgage registered as a Collateral, and assuming it was registered for a high enough amount to meet your HELOC needs, it will save you about $350 at the time of getting HELOC. As you won't have to register a separate charge for HELOC.