Qualify for a Home Equity Loan in Canada
Tap into home equity loans and leverage the value you've built in your home to secure funding for a multitude of needs. From remodeling your house to consolidating debt, the possibilities are endless, and the process? Simpler than you might think.
- Flexible Requirements
- Lower Payments
- Easy Approval Process
Apply Online With HomeEquityLoans.ca
At HomeEquityLoans.ca, we work closely with homeowners to help them qualify for a home equity loan as quickly as possible. Contact our office in Ontario to learn more about home equity loans and if you qualify.
What Is a Home Equity Loan?
Simply put, a home equity loan allows you to borrow against the value of your home - the part you actually own. It's a secured loan, which means lower payments and flexible requirements, making it an attractive option for many. The easy approval process further sweetens the deal, especially if you're looking for a quick solution to your financial needs.
A home equity loan provides homeowners the ability to leverage the money they need, when they need it and is one of the truest forms of asset-based lending. Credit and income do not play a major factor in the approval process.
Why Should I Take Out a Home Equity Loan?
Canadian homeowners typically take out a home equity loan to finance their debts or unexpected purchases. However, you can use the funds for a variety of things, including:
- Funding home renovations
- Repair your credit by paying off judgments or collections
- Stop a foreclosure
- Consolidating your outstanding debts into one monthly payment
- Purchase an investment property or vacation home
- Catch up on property tax arrrears
- Eliminate Revenue Canada Debt
- Invest in your business
- Pay for your children's education
How Does a Home Equity Loan Work?
A home equity loan is sometimes called a second mortgage. Your home's equity is the collateral for your loan. How much you can borrow depends upon how much equity you've built up in your home.
Typically, a homeowner can borrow up to 85% of the total equity they have. If your not sure how much you may be able to borrow, you can use our handy "home equity calculator" to see what you may be eligible to borrow
Once the amount of equity you have in your home has been determined (in most instances this involves an appraisal on your property) it's our job to find you the best rate and terms you are eligible for and that's exactly what we do!
Benefits of a Home Equity Loan
There are countless benefits of applying for a home equity loan in Ontario. Let's discuss some of the most popular.
Fixed Interest
Lower Interest Rates
Longer Repayment Terms
Easy Approval Process
Let’s Calculate Your Home Equity Loan Together
Why Choose Homeequityloans.ca?
Our home equity loan service is tailored for existing homeowners looking to make the most out of their property’s worth. Here’s why you should consider tapping into your home’s equity:
Tailored Mortgage Solutions
Experience personalized mortgage options that perfectly suit your financial landscape.
Flexible Requirements
We understand that every homeowner's situation is unique, which is why we offer adaptable eligibility criteria.
Easy Approval Process
Don't let lengthy paperwork discourage you. Our streamlined approach ensures a hassle-free experience.
How Our Approval Process Works
Connect With Our Financial Advisors
We Review Your Application
Get Your Funding Fast
Frequently Asked Questions
If you need a large sum of cash then a home equity loan is ideal for you. While credit scores are taken into account, HomeEquityLoans.ca doesn't have the same stringent lending requirements as other lending institutions. We're focused on helping our clients get the funding they need.
As long as you own a property with equity, you are eligible. In fact, the more equity you have, the more likely you are to get approved.
Not every home equity loan lender will require a full appraisal. However, most lenders want this to ensure that your home's value is properly determined by a professional.
Your home's value is a key component in determining if you qualify for a home equity loan. If a full appraisal isn't required, your lender might use some of the following tactics to get your home's value:
- Reviewing county assessments
- Implementing automated value models
If you've had an appraisal done on your house in recent months, that information might be used in approving your application.
You can still qualify for a home equity loan even if you have bad credit. That's because home equity lenders, like HomeEquityLoans.ca, focus on how much equity you've built up in your home instead of your credit score.
Additionally, a home equity loan is a secured debt. The loan is guaranteed with your home. This gives lenders the confidence that you'll have the resources to make payments.
Traditional lenders have stricter requirements than we do. They typically want you to have a credit score that's higher than 620, making it difficult for Canadian homeowners to qualify for a home equity loan.
Our flexible requirements ensure that homeowners don't get turned away for a home equity loan just because of a poor credit score. We offer a variety of solutions to fit almost every financial situation.
Either Apply Online or call us and we will get working on your approval immediately!
Think of a HELOC like a credit card. You only have to pay interest on the money that you use. Your payments will also vary depending upon how much money you've drawn from the line.
A home equity loan is a better option than a HELOC when you know exactly how much money you'll need for your expenses. It's also a good idea if you want to consolidate your debt without the risk of creating more with an open line of credit.
Another reason why you might want a home equity loan is if you lived on a fixed income and want the same monthly payment each month without any fluctuation.