Learn How to Qualify for a Home Equity Loan in Canada
Qualifying for a Home Equity Line of Credit has never been easier. Get Funding Fast With HomeEquityLoans.ca in Canada.
Apply Online With HomeEquityLoans.ca
Many homeowners in Canada aren't aware that as they've made mortgage payments throughout the years that they're building up equity in their homes. That equity doesn't have to sit in your home, doing nothing. You can use it to make a large purchase or stabilize your finances.
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?
A home equity loan enables Canadian homeowners to borrow against the equity they've built up in their homes. The amount they can borrow is based upon the difference between the value of their home and how much they still owe on their mortgage.
A home equity loan can be approved using your principal residence, rental property, cottage, or commercial building. You receive your funds in a lump sum and how you use the proceeds are up to you.
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:
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!
How Do I Build My Home's Equity?
Your home's equity can increase in a variety of ways.
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.
Lower Interest Rates
Longer Repayment Terms
Easy Approval Process
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.
How Our Approval Process Works
Connect With Our Financial Advisors
We Review Your Application
Get Your Funding Fast
Rated 4.9 of 5
Read the Success Stories of Our Previous Clients
Want to learn more about how easy our home equity loan process is? Read our client reviews to see the positive things they have to say about working with HomeEquityLoans.ca.
Great experience working with them. Gave me so much hope from the moment I applied and they came through. Honest and professional.
Thanks for helping with our mortgage. Your professionalism and customer service was amazing. We are glad we chose your company to help.
This was done fast! Thanks to your company I was able to clear up some large bills and get great financing on my home.
Fantastic to work with and very professional. We were faced with a time crunch and needed help when our bank did not approve us. They were able to get us back on track.
Tori Magnate l
Why Work With HomeEquityLoans.ca in Ontario?
Our team of loan officers understands that traditional lending options might not be the best fit for Canadian homeowners. Between the strict lending requirements and the long approval process, homeowners can encounter more stress and heartache than is necessary.
We're committed to helping Canadian homeowners tap into the equity in their homes to build a better future. Whether you need the funding to get out of debt or to make improvements to your home, we're here to help.
Our approval process is quick and painless. We strive to get your home equity loan approved within 24 hours. Our team is focused on delivering exceptional customer service while treating our clients with respect and dignity.