Get a in Ontario
with an Award-Winning Mortgage Broker
Rates updated Aug 14, 2025
Rates updated Aug 14, 2025
Get an instant estimate
- 1Find out how much you can borrow
- 2Calculate your monthly payment
- 3Get your personalized advice
Since 2015, more than 2,000 homeowners in Ontario have given us 5-star reviews.
360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
How Home Equity Loans Work
From $40,000 to $250,000
Borrow against your home’s value with a fixed-rate home equity loan in Ontario—no need to refinance or sell. These lump-sum equity loans start from 6.99% and offer predictable monthly payments. Unlike HELOCs, which are revolving credit lines, home equity loans are one-time payouts with set terms. Our team will help you explore different types of home equity products to find the right fit for your needs.
FAQs about home equity loans:
1
What do I need to qualify?
Eligibility and qualification requirements include at least 20% home equity. No income or credit requirements, but both help with pricing and options.
2
Typical home equity loan rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. If you don't want to break your current mortgage (i.e. mortgage refinancing), you can get a home equity loan with rates starting at 6.99%.
3
Are personal loans better?
A personal loan or unsecured line of credit isn’t backed by real property, so they typically come with higher rates, lower limits, and stricter approval.
4
Any tax benefits or implications?
Interest may be tax-deductible if the loan is used to earn income, like investing or buying a rental—speak to a tax advisor to confirm.
5
Any risks and considerations?
A home equity loan uses your home as collateral. Borrow responsibly and understand your repayment term and closing costs (i.e. administrative fees and appraisal fees).
Paid off $25,000in credit card debt
Paid contractors $15,000for emergency repairs
Received $10,000for expenses
Borrow Against Home Equity
Connor and Emily are in their mid-thirties and they inherited their home from their parents a few years ago. Connor is working as an apprentice for a local electrician so he doesn't make a lot of money yet, and Emily just started her new job in software sales after working as a nurse for her entire career.
The couple had about $25,000 in credit card debt, but were making ends meet—until they discovered water damage and repair needs they couldn’t cover. They approached several banks but were declined due to limited income and credit history. A personal loan or unsecured line of credit wouldn’t offer enough, and they didn’t want to pursue mortgage refinancing just to access funds.
In our early conversations, our team walked Connor and Emily through a comparison of home equity loans and HELOCs. We helped them understand why a lump-sum loan made more sense for their situation—fixed rates for home equity loans offered stability, predictable payments, and peace of mind, especially with a tight budget.
How 360Lending helped Connor and Emily
We advised the couple to get repair estimates, which came to about $15,000. They needed $50,000 total to handle repairs, consolidate their high-interest balances, and have some cash on hand. A home equity loan (as a second mortgage) would allow them to keep their low-rate first mortgage untouched.
They asked about the requirements for a home equity loan in Ontario, since traditional lenders had turned them down. Our team explained how home equity loans in Canada are often more flexible when you have at least 20% equity, even if income or credit isn’t perfect.
Our team arranged an appraisal to verify their home's value and the extent of the damage, while also preparing them for potential administrative fees and closing costs involved in funding.
Our mortgage specialists took the time to guide them through every step. We made the process simple by explaining the product, verifying their equity, and arranging a lender that matched their needs. They were relieved to find an option that didn’t require refinancing their current mortgage or selling their home.
Results
Connor and Emily were approved for a $50,000 home equity loan in Ontario with an affordable monthly payment. Their fixed interest rate gave them predictable costs, which made budgeting easier—something not always possible with variable-rate HELOCs. They repaired the water damage, paid off their debt, and got an extra $10,000 to help with other expenses.
Get an estimate of your monthly payment:
What you'll need to apply for a home equity loan in Ontario, Canada
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
