A home equity loan can be an affordable way to access a large amount of money using the available equity in your home. It can be especially valuable when you already have a competitive first mortgage and do not want to replace it. Rateplicity can help you compare home equity loan options and find a solution suited to your financial needs.
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Access Up to 85% of Your Home’s Value
With a home equity loan through one of our lending partners, qualified homeowners may access up to 85% of their home’s value. While many Canadian lenders limit total financing to 80%, we may have options that allow you to access more of your available equity. In some cases, financing can close in as little as two weeks.
Canadians use home equity for many purposes, including investing, renovating their homes, consolidating debt, covering major expenses, or managing unexpected emergencies.
The Difference Between a Home Equity Loan and Refinancing
If you already have a competitive first mortgage and the cost of breaking it is too high, a home equity loan may be worth considering. It is typically registered as a second mortgage behind your existing mortgage, allowing you to access equity without replacing your current loan. Some borrowers use it as a short-term solution until their first mortgage matures, when the two loans may be combined into one new mortgage.
Refinancing involves replacing your existing mortgage, either during its term or at maturity. Qualified homeowners can generally borrow up to 80% of their home’s appraised value and use the funds for purposes such as debt consolidation, renovations, or investments. Refinancing usually offers a lower interest rate than a home equity loan, although penalties and other costs may apply.
Home equity loans may offer more flexible qualification requirements, while refinancing is generally more affordable over the longer term. The best choice depends on your available equity, current mortgage terms, qualification profile, and financial goals. Contact us for a free, no-obligation review of your options.