Vancouver British Columbia Beginner Questions on Mortgages

[Tomislav Glamuzina]

Hey everyone,

New to real estate and just trying to learn as much as possible. So, I will just jump right in. Can some help clarify and maybe go into detail about the process of getting approved for HELOC/LOC in Canada, specifically in my expensive market of Vancouver, British Columbia? The approval process, what it entails, and when it would make more sense to get a HELOC rather than a refinance?

Also :) If someone doesn't mind running some small examples of LTV% on a refi, say if my property was worth 1Million.

AND finally, what does a 'revolving HELOC/LOC tied to the mortgage" mean?

Thanks for your help