Home Equity Loans Across Canada
Home Equity Loan: Access The Cash In Your Home, Shopped Across 75+ Lenders
Turn the equity you have built into a one-time lump sum with predictable monthly payments. Apply once and we shop our network of 75+ lenders to find the home equity loan that fits your goals, with approvals in as little as 24 hours.
Get Started Call 1-877-812-7267
A home equity loan lets you borrow against the equity in your home and receive it as a single lump sum, repaid over a set term with fixed monthly payments. It sits alongside your existing first mortgage, so you can access funds without changing the rate or terms you already have, and because it is secured against your property it often offers better terms than unsecured borrowing.
75+
Lenders Shopped
15+
Years Of Experience
$500M+
In Funded Deals
24 hrs
Approvals As Fast As
Based on HomeEquityLoans.ca and Tango Financial brokerage experience. Approval times vary by lender and individual circumstances.
How A Home Equity Loan Works
Your home equity is the difference between what your home is worth today and what you still owe on your mortgage. As you pay your mortgage down, and as your property value grows over time, your equity grows along with it. A home equity loan turns part of that built-up value into usable cash, without requiring you to sell your home or disturb the first mortgage you already have in place.
How much you can access depends on three things: your home's current market value, the balance remaining on your existing mortgage, and your overall financial picture. Lenders consider the combined total of your current mortgage plus the new loan measured against the value of your home. We work within a responsible maximum to protect your long-term position, which we explain in the section below on why we cap at 80 percent.
Because a home equity loan is secured against your property, it generally comes with more favourable terms than unsecured borrowing such as credit cards or personal loans. You receive the full amount at closing and repay it on a fixed schedule, so you know exactly what your payment will be for the life of the loan. For a neutral overview, the Government of Canada explains borrowing against home equity through the Financial Consumer Agency of Canada.
If you would prefer flexible, revolving access to your equity rather than a single lump sum, a home equity line of credit (HELOC) may suit you better. The comparison further down breaks down the differences so you can see which option fits your situation.
What Can You Use A Home Equity Loan For?
A lump sum gives you flexibility. Because the funds are yours to use as you choose, homeowners put a home equity loan to work in many ways. These are some of the most common.
Home Renovations
Fund a kitchen, addition, or major repair and reinvest in the value of your home.
Debt Consolidation
Replace several high-interest balances with one predictable monthly payment.
Education Costs
Help with tuition and expenses without disrupting your long-term investments.
Home Equity Loan vs. HELOC vs. Refinance
Three common ways to tap your home equity, side by side, so you can see which structure fits your goals.
How To Qualify For A Home Equity Loan
Qualifying for a home equity loan works differently than qualifying for unsecured borrowing. Because the loan is secured against your property, the equity in your home does much of the heavy lifting. That often means there is more flexibility than you might expect, even if your situation is not perfectly straightforward.
When reviewing an application, lenders generally look at a few key things: the amount of equity you hold in your home, the property itself and its value, and your broader financial picture including income and existing obligations. Each lender weighs these differently, which is exactly why shopping your application across a wide network matters. A profile that one lender hesitates on may be a strong fit for another.
Because we work with a network of 75+ lenders, we are able to match your application to the lenders most likely to approve it on terms that suit you. You complete one application, and we do the work of finding the right home for it. If you are unsure whether you would qualify, the simplest next step is to apply or call and let us review your situation directly.
Built To Protect You
Why We Cap At 80 Percent Of Your Home's Value
Some lenders will push borrowers to access as much equity as possible. We take a different approach. We work within a maximum of 80 percent of your home's value across your combined mortgage and home equity loan, and we do it on purpose, as a protection for you.
Keeping a meaningful cushion of equity in your home matters. It protects you if property values shift, it keeps you from becoming dangerously over-leveraged, and it preserves your future options, including the ability to borrow again or sell on your own terms down the road. Borrowing right up to the edge of your home's value can leave you exposed if circumstances change, and we are not willing to put our clients in that position.
This is part of how we level with the homeowners we work with. The right loan is the one that helps you reach your goal while keeping your financial position strong, not simply the biggest loan available. When we recommend an amount, it is built around your long-term security, not just today's need.
Home Equity Loan Pros And Cons
A home equity loan is a strong fit for many homeowners, but it is not the right tool for every situation. Here is an honest look at both sides.
The Advantages
Predictable fixed payments make budgeting simple from day one.
Often more favourable terms than unsecured borrowing, because the loan is secured against your home.
You keep your existing first mortgage and its rate untouched.
Access a meaningful lump sum for a known goal, with the funds yours to use as you choose.
Things To Consider
Your home is used as security, so it is important the payments fit comfortably within your budget.
A lump sum suits a one-time need; for ongoing or uncertain costs, a HELOC may be a better fit.
Borrowing adds a second monthly obligation alongside your existing mortgage.
As with any mortgage product, there are closing costs involved, which we always explain upfront.
Understanding The Costs Involved
Like any mortgage product, a home equity loan involves certain costs to set up. We believe in full transparency, so you will always know what to expect before you commit to anything. There are no surprises and nothing buried in fine print.
Depending on your situation and the lender, the costs can include categories such as a property appraisal, legal fees, and lender or broker fees. The specific costs that apply to your loan depend on the details of your file and the lender we match you with. The Government of Canada's Financial Consumer Agency of Canada offers helpful background on the costs of borrowing against your home.
Before you move forward, you receive a full written Cost of Credit Disclosure that lays out every cost in plain terms, so you can make your decision with complete clarity. Our role is to make sure you understand exactly what you are agreeing to, with nothing left unexplained.
The Process
Getting Your Home Equity Loan
Apply Or Call
Tell us your goal and how much equity you would like to access. One application is all it takes.
We Shop Your Options
We match your application across our network of 75+ lenders to find the right home equity loan for you.
Review Your Offer
We explain the terms and costs in plain language so you can move forward with confidence.
Get Approved
With approvals in as little as 24 hours, we keep the process moving from application toward funding.
If you are facing extreme hardship, our sister brand TurnedAway.ca can help you stop foreclosure.
Home Equity Loans In Action
Consolidating Debt
A Durham Region homeowner had built up roughly $78,000 in high-interest credit card debt despite holding substantial equity. The monthly payments were making it hard to get ahead.
Result: A home equity loan paid off the cards in full, replacing several high-interest payments with one structured monthly payment and improving cash flow.
Funding Education
A Whitby homeowner had two children starting university in the same year, creating a large one-time expense. They wanted to help without liquidating long-term investments.
Result: A home equity loan of roughly $70,000 funded tuition and living costs while the family kept their investment portfolio intact, with fixed payments that made budgeting simple.
A Major Family Expense
A Clarington homeowner needed to cover a significant family medical expense and several accessibility renovations within a short window, and wanted a straightforward solution.
Result: A home equity loan of roughly $85,000 gave immediate access to funds so renovations began without delay, with fixed payments and no disruption to other plans.
What Our Clients Say
★★★★★
We took out a home equity loan to renovate our kitchen and replace the roof before listing our house in a few years. I appreciated that everything was explained clearly from the beginning. They compared a few different lenders, walked us through the costs, and recommended the option that made the most financial sense for us. There were no surprises and no pressure. The process was organized, communication was excellent, and the funds were available sooner than we expected.
Jennifer M.
★★★★★
We wanted to use the equity in our home to consolidate some higher-interest debt into one payment. From the first phone call, I felt like they genuinely wanted to help instead of trying to sell us something. Every fee was explained upfront, and they answered every question we had. They found us a home equity loan that fit our budget and actually cost less than we expected. I'd have no hesitation recommending them to friends or family.
Andrew L.
★★★★★
Our daughter was starting university, and we wanted to help with tuition without disrupting our long-term financial plans. A home equity loan ended up being the right fit. Everyone was patient, responsive, and easy to deal with. They kept us informed throughout the process and explained why one option would save us money over another. We always felt like our best interests came first, and the entire experience was much smoother than we imagined.
Karen D.
★★★★★
We needed a lump sum to complete a major home addition and weren't sure which financing option made the most sense. The team explained the differences between a home equity loan, a HELOC, and refinancing without pushing us toward any particular product. I really appreciated the transparency. They recommended a home equity loan because it matched exactly what we were trying to accomplish. The process was straightforward, professional, and completed on schedule.
Michael R.
★★★★★
After meeting with a couple of different companies, HomeEquityLoans.ca stood out because they actually listened to what we wanted to accomplish. We used a home equity loan to purchase a recreational property, and every part of the process was handled professionally. Communication was excellent, paperwork was straightforward, and all of the costs were explained before we committed. It was refreshing to work with people who focused on finding the right solution instead of simply the biggest loan.
Lisa C.
★★★★★
We needed to access some of the equity in our home for a large one-time family expense and wanted predictable payments. The recommendation for a home equity loan made perfect sense after they explained the different options available. I appreciated how transparent they were throughout the entire process. Everything happened exactly when they said it would, there were no unexpected fees, and we always knew what the next step was. It was one of the easiest financial experiences we've had.
Brian T.
Home Equity Loans Across Canada
We help homeowners access their equity in provinces across the country. Wherever you are in our service area, one application puts our full lender network to work for you.
Home Equity Loan Questions, Answered
How is a home equity loan different from a HELOC?
A home equity loan gives you a single lump sum with fixed monthly payments over a set term. A HELOC is a revolving line you draw from as needed, paying interest only on what you use. A lump sum suits a known, one-time cost, while a line suits ongoing or uncertain needs.
Will a home equity loan affect my existing mortgage?
No. A home equity loan sits alongside your first mortgage, so you can access funds without changing the rate or terms you already have in place. This is often why homeowners choose it over refinancing.
How much can I borrow with a home equity loan?
The amount depends on the equity in your home and your overall situation. We work within a responsible maximum of 80 percent of your home's value across your combined mortgage and loan, which protects your long-term position. Because we shop 75+ lenders, we can match you with options suited to your goals.
How fast can I get approved for a home equity loan?
Approvals can come in as little as 24 hours. Funding timelines after approval depend on the lender and your individual circumstances, and we work to keep the process moving from application through to funding.
Do I need perfect credit to qualify?
Not necessarily. Because a home equity loan is secured against your property and we work with a wide lender network, there is often more flexibility than with unsecured borrowing. For general guidance on borrowing responsibly, the Financial Consumer Agency of Canada offers helpful resources. Speak with an advisor about your specific situation.
What can I use a home equity loan for?
The funds are yours to use as you choose. Common uses include home renovations, consolidating higher-interest debt, education costs, and major one-time expenses. The flexibility of a lump sum is one of the product's biggest advantages.
What costs are involved in a home equity loan?
Costs can include categories such as a property appraisal, legal fees, and lender or broker fees, depending on your situation and lender. Before you commit, you receive a full written Cost of Credit Disclosure that lays out every cost in plain terms, so there are no surprises.
Ready To Access Your Home Equity?
Find out what a home equity loan could do for you. Apply once and we shop 75+ lenders to find your best fit, with approvals in as little as 24 hours. Start online or speak with an advisor today.
Get Started Call 1-877-812-7267