Home Equity Loan
Your home has been building value - put it to work. Access a lump-sum loan backed by your home's equity with fixed, predictable payments.
Home equity is an asset that comes from a homeowner's interest in their home. To calculate equity, subtract any outstanding loan balances from the property's market value. A home equity loan is simply a loan secured against your property. There are generally two types: a fixed-term loan given as a one-time lump sum with a fixed payment and amortization, and a home equity line of credit which is also secured against the property but offers revolving access. At DC Home Mortgages, we source competitive rates from our network of lenders and guide you through the process from application to funding.
Key Benefits
Fixed Rate and Predictable Payments
Your rate is locked in for the life of the loan - no surprises, no rate fluctuations, making budgeting simple.
Access for Many Purposes
Last minute expenses, consolidating debt, investments, and home improvements are all common reasons to consider a home equity loan.
When Your Bank Says No
Not everybody fits the bank's mold. We have access to institutional and private lenders across Canada who specialize in deals traditional banks won't take.
We Fight for the Best Rate
Over the years our network of lenders has grown to include banks, secondary institutions, mortgage investment corporations, and private lenders - always matched to your situation.
How It Works
- 1
We review your property value and outstanding mortgage balance to determine your available equity.
- 2
We assess your income and credit profile to match you with the right lender.
- 3
We submit your application and negotiate the best possible rate on your behalf.
- 4
Upon approval, funds are disbursed as a lump sum - ready for you to use as needed.
Frequently Asked Questions
What is a home equity loan?
A home equity loan is a loan secured against your property. There are two types: a fixed-term loan given as a one-time lump sum with a fixed payment, term, and amortization; and a home equity line of credit, also secured against the property, where rates can be fixed or variable and you pay monthly interest based on the balance owing.
Why consider a home equity loan?
There are many reasons to consider one, including last-minute expenses, consolidating debt, investment, and home improvements. It is one of the most cost-effective ways to access funds you need.
How can you help when my bank said no?
Every person's situation is different and we understand that. Not everybody fits the mold the bank is looking for, and our lenders understand that. We have access to many lenders - both institutional and private - across the country that are niche lenders making a living off the deals that big banks will not take. Call us now, we want to hear your story and have an opportunity to show you how we can help.
How much can I borrow with a home equity loan?
Most lenders allow you to borrow up to 80% of your home's appraised value, minus any outstanding mortgage balance. We will calculate your exact available equity during our initial consultation.
Get a Free Quote
Tell us your situation and we'll find the best option for you.