HOME EQUITY LOANS

No matter your income or credit score, Canadalend.com has Home Equity options that fit any situation.

Also, take advantage of our pre-paid mortgage options and ease up your monthly obligations.

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Terms & Conditions

I / We hereby certify that the information given in the mortgage application form is true and correct and I / We understand that it is being used to determine my/our credit responsibilities. CanadaLend Inc. is authorized to obtain any information they may require for these purposes from other sources (including, for example, credit bureau) and each such source is hereby authorized to provide them with such information.

I / We also understand that the information given in the mortgage application form as well as other information obtained in relation to my credit history may be disclosed to potential mortgage lenders, financial intermediary and mortgage in relation to insurers, organizations providing technological or other support services required this application and any other parties with whom I / We propose to have a financial relationship.

SEE THE GREAT THINGS OUR CLIENTS SAY ABOUT US:

What can I use a Home Equity Loan For?

At Canadalend, we believe that you should have access to your money whenever you need it, regardless of your past or current credit history. We help by finding you the lowest rates available, as well as providing the
support you need in order to achieve your financial or real estate goals.

  • Pay bills
  • Home renovations
  • Secondary properties
  • Stop Power of Sale
  • Rebuilding credit
  • Mortgage arrears
  • Eliminate CRA arrears
  • Emergency expenses
  • Tuition and educational expenses
  • Business ventures and investments
  • Property tax arrears
  • Avoid consumer proposals or bankruptcy

  •                   …Plus Much More!

WHAT IS HOME EQUITY?

The difference between the appraised value of your home and the unpaid balance of your current mortgage makes up your home equity. You can grow your equity by paying down your mortgage, but it can also grow on its own if the appraised market value of your home increases over time. 

For example, if your home is worth $350,000 and you still owe $250,000 on your current mortgage, you would have built up $100,000 in home equity.You have worked hard to grow the equity in your home so why not use it however you'd like?

What types of Home Equity Loans are available to me?

There are two types of home equity loans, a fixed-term loan and an line of credit - also known as a HELOC.

A home equity loan is a one-time lump sum of money that slowly gets paid back monthly with a fixed interest rate. A home equity line of credit can provide you with access to funds as you need them, in which you pay back like a credit card.

Fixed-term equity loans include Second and Third mortgages, Refinanced mortgages, Reverse (or Chip) mortgages, and Prepaid.

Although interest rates on a home equity loan are higher than on a First mortgage, they are typically much lower than a credit card. 

Paired with the fact that the interest paid on mortgage loans is tax-deductible, as well as some products offering interest-only payments, it is easy to see why more Canadians are switching to Canadalend for all their mortgage needs.

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