Home Equity Loans BC

Home Equity Loans In BC

Approvals in as little as 24 hours

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Simple & Fast Approvals

You can get pre-approved in as little as 24 hours.

Borrow Up To 75% Of Your Home's Value

Loans ranging from $50,000 to $2,000,000

Think Outside The Branch®

Great rates and outstanding customer service.

Getting a Home Equity Loan In BC Is Easier Than You Thought

We make the process of getting a home equity loan very simple. That’s because our home loans in BC are the easiest way to get money using the available equity you have saved up in your house.

And you want to know the best part?

You can get approved in as little as 24 hours.

Wondering how we’re so fast?

Because unlike banks or credit unions, your income, credit history or your credit card debt are not the major factors in approval. Our equity lenders focus primarily on your home’s value, so the borrowing approval process is quite simple.

There are many options available for funding. We can get you approved fast for a 1st, 2nd, or 3rd home equity loan from $30,000 up to $2,000,000+.

So skip the traditional lenders, and allow a private lender in Vancouver to help you get the home equity loan you want and need.

If you want to find out more information, take a look around the website. But if you prefer to have a more personal approach, give us a call or text us 778-839-3963 and one of our mortgage brokers will be more than happy to speak to you.

Common Home Equity Loan Questions:

Our office works as a boutique home equity mortgage source. The focus is to provide homeowners with access to a select group of private mortgage lenders that can best suit their financial goals and needs.

We aim to provide you the appropriate financing at the best overall costs. Our hope is that you’ll choose to come back to us when deciding to refinance your mortgage & home equity loan back to the bank. 

And if you are curious about our costs? 

When we provide best rate bank financing, our services are free since the banks pay us for your business.

Rates for home equity loans in BC may vary due to a variety of factors – location, loan-to-value, and 1st or 2nd position being some of the major ones. 

When determining a home’s loan rates, lenders will also look at the use of funds and the client’s personal situation to determine the best rates to be offered.

So why not give us a call! We can assess your situation right over the phone and give you an idea of what you may qualify for.

In major centers Only we have access to a full readvancable HELOC in the private mortgage market up to 75% of your homes value. Traditional Debt Servising requirements are NOT required. Interest is paid on the funds advanced. Conditions and max mortgage limits apply, so give us a call to get more details.

Home equity loans can be used for many purposes including:

As of 1st of January 2023, Canada has banned home equity loans for non-residents. This means that current and soon-to-be non-residents of Canada will be unable to acquire a home equity loan within the country’s jurisdiction. 

For those interested in pursuing a home equity loan in Canada, understanding the many limiting regulations and paperwork related to acquiring a home equity loan as a noncitizen can create arduous challenges. 

Contact us today to learn more about the real estate properties that are exempt from the law, or to find out whether you are part of the categories of non-residents that can still buy properties here.

We can ensure a simple approval process due to loans being primarily secured by your property’s equity. Meaning they do not require as much proof of income or credit as long as your home is used as a collateral.

However a stronger application with significant equity does allow us to negotiate more affordable terms. When your home’s equity is high, you can get better prime rates or lower interest rates.

Low rate options for loan-to-value less than 65% and in major centers. 

Conditions apply so call us for more details.

Wondering how much you can borrow on a home equity loan in BC?

The amount you can borrow will generally be around *80-85% of your home’s value. But it all depends on each lender’s conditions, and also on the borrower’s income and creditworthiness. The highest limit can even reach 90% of your available equity but that only happens in very rare cases.

When you work with our private mortgage lenders, your loan will only be influenced by the equity you have saved up in your property.  You won’t have to worry about any other factors like a fair credit score or a lack of income, dragging your loan amount down.

For a more exact calculation of how much cash you have untapped in your home, either contact us directly or use our online mortgage calculator and do the math yourself.

  • Independent review of your personal situation
  • Your needs and wishes for a loan
  • Your documentation (some verified and some stated)
  • Estimated time you require financing
  • Market evaluation of lenders (to determine rates & terms that best suits your needs)
  • Current rate specials offered by lenders (when lenders have lots of money available they offer it out at discounted rates, and we pass those savings on to you!)
  • Some lenders we have are direct & some are indirect. We’ll match you with the right one for YOU!!
  • The offer(s) we receive, and our review of the offer (not all offers can be compared apples to apples)
  • A complete review of your income, percent of equity & credit situation to help guide you for improvement.

Funds Available from $10,000 to $2,500,000 & more.

Many people pay higher interest rates for a home equity loan in BC. That’s because they do not understand the complicated process of negotiating the best terms for them. 

But it’s not always about the rates. With my past experience working for equity lending firms I bring a unique outlook and a wealth of knowledge.

Apply now or browse the site for more information to help you find and evaluate the pros and cons of getting a fast loan. You can easily compare rates by loan type or use our mortgage calculator and tools to compare payments.  

I am here for you if you have any questions.

Refinancing an existing mortgage can lower your payments and provide you with a lump sum of money. It can also allow you to consolidate debt by using a debt consolidation mortgage.

To lower your payment you should refinance with a lower rate mortgage or lengthen the loan’s maturity. To consolidate or cash out, you must have sufficient equity in your home. This comes from an increase in the home’s value, or from a decrease in your mortgage loan balance.

Home loans in BC, Canada usually create a second mortgage charge against the borrower’s house and reduce the actual home’s equity. 

Most high HELOCs ask for an outstanding credit balance and a reliable proof of income. Bad credit loans on the other hand, are secured by a lower LTV (loan to value) and are a lot easier to qualify for.

A home equity loan is usually, but not always, for a shorter term than a 1st Mortgage. 

Call or email us today and I will go over all the details with you.

A great way to get the best rates and value for a fast home loan in Canada is by comparison shopping. Check out our blog on the difference between a Home Equity Loan vs. Home Equity Line of Credit.

Once you understand the options available to you, you can start comparing interest rates and gathering lender quotes. 

But don’t assume that you’ll be offered a lender’s lowest advertised rate. These better options are reserved for borrowers with above-average credit, not for the ones with lower credit scores.

If you have bad credit, it might be a good idea to review BC rates by credit quality and loan type. As you collect quotes, take care to compare your options on an apples-to-apples basis. 

Some mortgage rate quotes may assume the upfront payment of points, while others may be quoted without points.

  • Review and compare market rates
  • BC lenders & brokers
  • Contact lenders & brokers to request quotes
  • Calculate payments and amortization tables for different loan types
  • Take the time to read my tips on How to Improve your Credit
  • Please take this opportunity to go to Equifax and order a copy of your credit.

How To Calculate a Home Equity Loan In BC

second mortgage estimation

Disclosure & “Loan Examples” Below

 

My name is Jeff Di Lorenzo of The Mortgage Group Canada Inc. and I provide clients with sub mortgage brokerage services.

If you are searching for a home equity loan my goal is to find you the best rates & terms for your individual needs. In addition to offering you my complete support, I will also provide you with copies of the BC Fixed Credit Disclosure Statement and Borrowers Conflict of Interest Disclosure Statement Form 10 – Section 17.3 to assist you in your decision making.

The decision to obtain a loan should be carefully considered. That’s because of the higher rates of interest and costs associated with this type of mortgage. I strive to keep in mind my client’s individual needs and goals when shopping for the best deal to offer them.

To learn more about home equity loans in BC go to Canada.ca

To meet Google’s personal loan policy which home equity loans fall under, I am required to provide the highest (APR). This includes interest rates, draw period and other costs and fees which market lenders may provide. In most cases this is not indicative of the type of financing I look to obtain for clients.

The APR will increase or decrease in the event of higher or lower mortgage fee amounts and interest rates. The highest APR  would be 34% while the lowest APR provided would be 7.49%. Term lengths can be as short as 12 months and amortizations can be Interest Only for 40 years, 30 years, 25 years or less.

First Mortgage *

Example #1 Low Cost:

  • Advance Amount $300,000 Monthly Payment $1,437.50 Interest Rate 5.75%
  • Real Estate Required Yes
  • Term 1-years
  • APR 7.603%
  • Total Proceeds to borrower $294,790

Example #1 High Cost:

  • Advance Amount $300,000 Monthly Payment $1,875.00 Interest Rate 7.5%
  • Real Estate Required Yes
  • Term 1-year
  • APR 15.103%
  • Total Proceeds to borrower $277,540

Second Mortgage *

Example # 2 Low Cost:

  • Advance Amount $100,000 Monthly Payment $575 Interest Rate 6.9%
  • Real Estate Required Yes
  • Term 1-years
  • APR 10.210%
  • Total Proceeds to borrower $97,040

Example # 2 High Cost:

  • Advance Amount $100,000 Monthly Payment $1,000.00 Interest Rate 12%
  • Real Estate Required Yes
  • Term 1-year
  • APR 25.810%
  • Total Proceeds to borrower $86,540.00

All these examples are based on interest only monthly payments (you may elect to pick a shorter amortization to pay off the mortgage off sooner).

The difference between the gross amount and net amount represents closing costs like legal fees, appraisals, brokerage fees, lender fees. (Fees) payout penalty of max 3 months etc and renewal fees.

These examples are just a representation of the broad range of products existing  in the industry. Rates are subject to change so give me a call to negotiate terms and rates that will best suit your individual needs. Locations, property type & personal application details affect each mortgage. 

That’s why a free assessment of your personal situation will help us decide on the best course of action.

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    Rated 5 Stars On Google From 45+ Reviews

    • 3 words Honest, experienced and professional! Jeff was able to present a great lending option to me, further educating me about Mortgages !

      Scott Butt
      March 23, 2023

      I recently had the pleasure of finding Jeff Di Lorenzo on a simple internet search. I was seeking a private lender for a equity loan on my home. I found... read more

      Tanilia Robertson
      February 9, 2023

      Cold emailed Jeff with a question and was impressed with his answer and will reach out to him if we need support with our mortgage. Wow! Great service.

      Mountain View Equine Rescue
      February 9, 2023

      Our experience with Jeff was solid - he worked with us to get the financing we needed on an investment property and put us on the path we needed to... read more

      Jennifer Dayton
      January 10, 2023

      Excellent professional service. Quick results. Secured a first mortgage for us in record time., would highly recommend.

      Ryan C
      January 10, 2023

      Had just an amazing experience with Jeff. Very professional, informative, helpful and promt, Even responded to my emails while on vacation. The process was very quick smooth and easy. I... read more

      Patrick Leong
      November 10, 2022

      I found Jeff through Google while researching home equity loans and he replied to my inquiry that was sent on Sunday night by calling me first thing Monday morning and... read more

      Ying Ying Lee
      July 10, 2022

      Jeff went above and beyond to help me get out of my current situation . I found him by chance and I sure am lucky I did! Thank you... read more

      Celina A
      July 10, 2022
    • Jeff helped me set up a mortgage quick and easy. He is very professional, informative, and patient. Im very happy with his service. If you are looking for mortgage loan... read more

      RICK SUN
      June 10, 2022

      Jeff was very supportive, and knowledgeable about helping me get a mortgage. Jeff communicated clearly and professionally, and was very easy to talk to. He responded promptly to... read more

      ruth deweerdt
      April 10, 2022

      Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more

      Krista Vallis
      April 10, 2022

      Jeff is amazing to work with !! Always ready to help !

      Sarnali Das
      April 10, 2022

      Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more

      Krista Reich
      March 30, 2022

      Jeff was great to deal with! I was needing better options asap, and Jeff was able to help me out very quickly and effectively. He's also very personable and knowledgeable,... read more

      Julie Monroe
      March 10, 2022

      Working with Jeff was a very positive experience. He is professional, courteous and super fast at responding to any questions or concerns. I would definitely recommend his services to... read more

      Jackie B
      February 10, 2022

      I have been a client of Jeff's for several years now and highly recommend using him for your mortgage needs. He is knowledgeable, efficient, friendly, and professional. Jeff has... read more

      Stephanie Swanson
      February 10, 2022
    • Excellent services! Always available to answer my questions. Very responsive.

      kin man cheng
      February 10, 2022

      Jeff is very fast and efficient. There are many products that banks won't offer you for not much more. Just make sure you include all parties: lawyers, accountants and... read more

      Edwin Sugiono
      February 10, 2022

      Jeff is a great guy! Always professional and responds quickly with all the information that I need. I very highly recommend for any mortgage needs you might have. ... read more

      Affinity Dance Studio
      February 10, 2022

      Jeff, thank you so very much for working with my wife Nadia and I in securing financing in an epic purchase situation, an opportunity of a lifetime that would have... read more

      jonathan m
      February 10, 2022

      Speaking as a fellow mortgage broker, I cannot speak more highly of Jeff Di Lorenzo's expertise in the field. Knowledgeable, fast, friendly and efficient, Jeff goes to bat for clients... read more

      Penny Borg
      February 10, 2022

      Jeff is wonderful to work with. He is always responsive and possess great ability to secure the best deal for your situation.

      Rex Fong
      February 10, 2021

      He was efficient. He was friendly - actually he's quite a cool guy. It all happened the way he said it would go down - integrity and know-how.... read more

      Alexander Zuke
      February 10, 2021

      Just a note of thanks for the exceptional service you provided to us on our recent mortgage refinancing. We have worked with Jeff for many years, and we are extremely... read more

      Ken Parson
      February 10, 2020
    • Jeff was fantastic to work with, and we highly recommend him.

      Nick
      February 10, 2020

      I have worked with Jeff for many years with my mortgage. We went from having to use alternate lenders to getting approved at a major bank with his help.... read more

      Teresa Longworth
      October 1, 2019

      Thanks very much Jeff. You helped us through a challenging process to get the best possible equity offer - which saved us costs and put us in a stronger... read more

      jonathan mann
      June 20, 2019

      Jeff helped me out a few years ago when we were in a little financial difficulty and he gave us a way out and still own our home. He was... read more

      Donna Tellier
      February 15, 2019

      I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more

      Kristin Thu
      February 10, 2019

      We have worked with Jeff on all our mortgage requirements, he always does the best for us and we have ultimate faith in his ability and knowledge. Would... read more

      Irene Fraser
      February 10, 2019

      My parents needed fast financing to close on a very profitable business opportunity. Jeff put together a private 1st & 2nd home equity loan in just a few days. He... read more

      Rajdeep Singh
      February 10, 2019

      Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff

      larry zimmer
      February 10, 2019
    • Jeff not only solved all my equity loan issues, he was able to do so quickly, as well as at great terms & rate. Throughout the entire process he... read more

      Restorative Reiki New Westminster
      February 10, 2019

      Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more

      Philip le
      January 9, 2019

      I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more

      collin murray
      February 10, 2018

      Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more

      Corey Ogilvie
      February 10, 2017

      I have had the pleasure of working with Jeff twice now and my experience has been nothing short of exceptional. Unlike other brokers/banks, Jeff took a genuine interest in... read more

      Kaelan K
      February 10, 2016

      With Jeff's professionalism, we got the loan we needed in no time. He was prompt, informative and helpful. I would recommend him to my friends who would be needing... read more

      Rowena Santos
      February 10, 2016

      Excellent service and excellent advice

      Sol Desmond
      February 10, 2016

      Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff

      larry zimmer
      February 10, 2019

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