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Not sure which mortgage is right for you?
Not sure which mortgage is right for you?
Guide
A home equity loan lets you turn part of the value of your home into cash without selling it. Start here to see how much equity you can borrow in BC, compare the products available, and read everything we have published on the topic.
You can get pre-approved in as little as 24 hours.
Loans ranging from $50,000 to $2,000,000
Great rates and outstanding customer service.
Overview
Your home equity is the difference between your home's current market value and your outstanding mortgage balance. A home equity loan lets you borrow money against that difference, with the property itself as security. Because it is secured debt, rates are typically lower than those for personal loans and credit card debt.
Every mortgage payment you make builds equity, and movements in the Canadian housing market can affect it too. Most lenders in BC will lend up to 75% of your home's appraised value, including your existing mortgage. On a property worth $900,000 with a remaining mortgage balance of $450,000, roughly $225,000 in available equity is within reach.
A bank or credit union starts with your income documents and payment history, then looks at the property. Private lenders reverse that order. They assess the market value of your home, your loan-to-value ratio, and how the loan gets repaid. Credit history counts for far less in that order.
The costs are straightforward once you know where to look. You pay interest on the loan amount plus appraisal, legal, brokerage and administrative fees, and rates on equity products sit above bank mortgage rates. Interest is not tax deductible in Canada unless the money is used to earn investment income, so check with your accountant first.
A home equity loan pays out one lump sum at a fixed rate, with predictable monthly payments across a set repayment period. A home equity line of credit works as a revolving line instead. You draw what you need against a credit limit and pay interest only on the balance. The variable interest rate moves with the lender’s prime rate.
A second mortgage sits behind your first mortgage and leaves your existing mortgage agreement untouched, which matters when your current mortgage carries a low rate. A refinance replaces the mortgage entirely, and a cash-out refinance does the same while releasing equity as cash. Homeowners aged 55 and over can also consider a reverse mortgage, which defers repayment rather than requiring monthly payments.
What you plan to do with the money usually settles the choice. Debt consolidation rolls credit card debt and other loans into one payment at lower interest rates, which frees up cash flow straight away. Renovations, emergency expenses, education expenses and a down payment on an investment property are all common reasons to draw on the equity in your home.
Don't waste weeks waiting for banks to say no. Our private lenders specialize in fast mortgage approval in BC, funding your private mortgage in as little as 24 hours based on home equity alone. Call our mortgage brokers 7 days a week for a free, no-obligation lending solution consultation.
Twenty years of alternative lending in British Columbia, a five star rating on Google, and a licence held through The Mortgage Group. Offices in Vancouver and Penticton serve clients across the province, seven days a week.
Explore Your Options
Six loan products for accessing the equity in your home, each suited to a different situation.
Our private lenders offer the best loan deals, approved based on your home equity, not income, capital, or credit score.
A second mortgage is commonly used to get additional funds without refinancing your first mortgage. Discover how we can help.
Private mortgage lenders can get you approved in 24 hours. Competitive rates and fast approvals.
Get competitive refinance mortgage rates in BC. Private lenders approve based on home equity, not credit. Fast funding available.
Cash-out refinance in BC: Approved based on equity, not credit. Apply today.
Get flexible financing with private lenders and enjoy lower initial rates that adjust with the market.
Go Deeper
Guides and how-tos on home equity loans, HELOCs, second mortgages and renovation financing in BC.
Most lenders in BC will go up to 75% of your home’s appraised value, including your existing mortgage. On a home worth $800,000 with a $400,000 mortgage balance, the maximum amount available is usually around $200,000. Your final credit limit depends on the property, its location and the appraisal.
A home equity loan pays out one lump sum at a fixed rate, with set monthly payments over a fixed repayment period. A home equity line of credit gives you a revolving line up to a credit limit. You pay interest only on the portion you use. HELOC rates are variable and move with the lender’s prime rate.
A second mortgage is a separate loan registered behind your first mortgage, with its own term, rate, and monthly payments. A HELOC is a revolving line rather than a fixed loan, and it can sit in first or second position depending on the lender. Both leave your existing mortgage agreement in place.
Pre-approval usually takes 24 hours or less once we have your application and the basic details of your property. Funding on a private equity loan generally takes one to two weeks, depending on the appraisal and legal work. Files with a firm deadline can be moved faster.
Get a free, no-obligation assessment. Jeff Di Lorenzo will walk you through the home equity loan options that fit your situation, with clear numbers and no pressure.
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