Looking for Home Equity Loans in Ontario?

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We help homeowners get the lowest rates for home equity loans, home equity lines of credit, refinancing, and other mortgage products.

👉 Click here to talk to us about getting a home equity loan.

In Canada, a home equity loan is a secured loan that uses your property as collateral—essentially letting you tap into the equity you’ve built up in your home. Equity is the difference between your home’s current market value and the balance remaining on your mortgage. Because this loan is backed by your property, it often comes with lower rates and more flexible terms than other borrowing options.

Below are the top seven advantages of taking out a home equity loan in Canada.

Access to Larger Loan Amounts

By borrowing against your home’s equity, you can often secure far more than you would with an unsecured personal loan or a credit card. Depending on how much equity you’ve built up, you might qualify for anywhere from $40,000 up to $250,000—or even more. That kind of buying power can be ideal for major expenses like extensive home renovations, debt consolidation or tuition fees.

Lower Interest Rates

Home equity loans generally carry interest rates well below those on credit cards and unsecured personal loans. Since the loan is secured by your home, lenders face less risk and can pass the savings on to you. Over the life of the loan, those lower rates can translate into thousands of dollars in interest savings—especially if you’re consolidating high-interest debt.

No Need to Touch Your Existing Mortgage

A home equity loan is separate from your primary mortgage, so you don’t have to refinance or alter the terms of your current mortgage agreement. If you’re happy with your existing rate and repayment schedule, you can leave it untouched and simply take out an additional loan on the side.

More Flexible Qualification Criteria

While most unsecured loans lean heavily on your credit score and steady income, lenders for home equity loans focus primarily on the value of your property. Even if your credit has taken a hit or your income fluctuates, you may still qualify—as long as you have sufficient equity. That makes this option more accessible for self-employed homeowners, freelancers, or anyone with less-than-perfect credit.

Predictable Repayment Schedule

Home equity loans typically come with fixed interest rates and set monthly payments. Unlike a line of credit or a credit card, where your balance—and your minimum payment—can swing wildly, a home equity loan gives you a consistent payment each month. That predictability makes budgeting easier.

Complete Freedom in How You Use the Funds

There are no restrictions on what you can do with a home equity loan disbursement. Common uses include:

Home improvements: Kitchen remodels, new bathrooms, or even an addition.

Debt consolidation: Roll multiple high-interest balances into one lower-rate loan.

Education costs: Tuition, books, or other school-related expenses.

Emergencies: Car repairs, unexpected medical bills, or any urgent cash need.

Since the money isn’t earmarked for a specific purpose, you maintain full control over how it’s spent.

Fast Streamlined Approval

Applying for a home equity loan tends to be quicker and simpler than refinancing your mortgage or securing an unsecured loan. You’ll usually need to provide basic documentation—ID, proof of income, and property details—and many lenders can approve and fund within a couple of weeks. If you need cash fast, this speed can be a real lifesaver.

Achieve Your Goals with a Home Equity Loan

A home equity loan can be a powerful financial tool for Canadian homeowners. It offers access to larger sums, lower rates, predictable payments, and the freedom to use the money however you choose. Whether you’re renovating your home, consolidating debt, or covering school fees, home equity loans can help you reach your goals more efficiently.

Ready to explore your options? Visit 360Lending to compare rates and find the right home equity loan for your needs.