Equity-lender LTV caps shift with the housing market. Lenders that approved 80% LTV last year are quoting 75% on some property types today.
Your file is priced against today's appraisal value, today's lender appetite, and today's LTV caps. Locking in a quote now costs nothing and tells you exactly what's available.
A home equity loan is a lump-sum loan secured against the equity in your home. You receive the full amount at closing and repay it over a set term with a fixed monthly payment. It sits behind your existing first mortgage as a second charge, so your current mortgage stays in place. Common uses: debt consolidation, renovations, tuition, business cash flow, and major purchases.
A home equity loan is a one-time lump sum with a fixed payment. A HELOC is a revolving line you draw from as needed, with a variable payment. Equity loans are simpler and more predictable. HELOCs are more flexible but harder to qualify for at a bank. If you know the amount you need and want one fixed payment, an equity loan usually wins. If you want ongoing access to credit, the HELOC fits better.
Most equity lenders allow up to 80% combined loan-to-value (existing mortgage + new equity loan ÷ home value). Some lenders go to 85% case-by-case. Example: an $800,000 home with a $400,000 first mortgage may unlock up to ~$240,000 through a home equity loan.
Yes. Equity-based lenders underwrite the home, not the borrower. Bruised credit, collections, active consumer proposals, and even discharged bankruptcies do not automatically disqualify you if you have sufficient equity. There's no minimum credit score for most equity loan programs, and self-employed or retired applicants are welcome.
Typical equity loans run 1–5 year terms with the option to renew or refinance. Most clients use them as a bridge to a better situation: pay off high-interest debt, complete the renovation, fund the goal, then refinance back to a prime lender once their credit or income docs are back in order. We map the exit on day one.
Approval typically within 24 hours. Urgent files (contractor draws, debt-consolidation deadlines) have funded in as little as 24 hours. Standard files take 5–7 business days, mostly waiting on appraisal and legal. We tell you the realistic window the moment we look at your file.
Detached, semi-detached, townhouses, condos, multi-unit residential (up to 4 units), and in many cases commercial or mixed-use properties with sufficient equity. Rural and unusual properties get assessed case-by-case.
