Learn How to Qualify for a Home Equity Loan in Canada

You can apply for a home equity loan on our website. You can also reach out to one of our financial advisors by filling out our online contact form.

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.

It's simple! Either apply online or contact one of our home equity loans advisors for a free consultation. We do all the heavy lifting while you sit back and let us help you convert your home's equity into cash.

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!

You can also use your home equity to apply for a Home Equity Line of Credit. With a HELOC, you don't get one lump sum of money as you do with a home equity loan. Instead, you borrow how much funding you need at that time with the option to take more funds later on.

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.