Skip links

Home equity loans in Ontario

Whether you need $10,000 or $500,000 – Alpine Credits is the best lender.

If you are looking for the best home equity loans in Ontario, you have come to the right place. Whether you need $50,000 or $500,000, Alpine Credits provides financial solutions for your goals by making it easy for you to apply for a home equity loan in Ontario. 

Apply now

What are home equity loans in Ontario?

It is a form of financing where your approval and the value are determined by how much property equity you have You can calculate your home equity by subtracting your current mortgage balance from the appraised value of your property.

An illustration of how home equity works.

Many Ontario residents borrow money from their home equity because of its flexible eligibility criteria and ability to be multipurpose. Rather than using your credit history to determine your loan approval, Alpine Credits will approve you based on your equity.  

You need to own at least 25% equity in your home to be eligible for a home equity loan, and you can borrow as much as 75% of your home’s equity value. Since housing value is high in Ontario, with the average price being nearly $900,000 in March 2024, there’s potential to get significantly high loan values. 

Apply now

How to qualify for a home equity loans in Ontario

At traditional financial institutions like banks and credit unions in Ontario, you would need to demonstrate the following to qualify: 

  • A credit score of at least 600—the higher your credit score, the better your chances of getting approved for the loan. Having the minimum required credit score doesn’t guarantee a loan, and you may be offered higher interest rates.  
  • A source of steady income—steady income can mean that self-employed entrepreneurs and business owners may find getting approved for loans challenging. Traditional lenders prefer borrowers who have a more predictable and stable income.  

However, Alpine Credits can help you get home equity loans in Ontario regardless of your credit score and income. We have helped tens of thousands of homeowners get the funding they need to meet their financial obligations.

Key benefits of home equity loans Ontario

Home Equity Loan in Ontario

There are many reasons why people in Ontario choose Alpine Credits as opposed to other forms of unsecured loans offered by traditional lenders. The following are just a few examples.  

  • Relatively low interest rate: The interest rates for home equity loans in Ontario are lower than unsecured loans like credit card. The interest rate on a credit card or unsecured personal loan can be much more expensive. 
  • Fixed interest rate: Home equity loan payments are predictable, which allows you to budget accordingly. The interest rate does not change even if the market goes through changes.  
  • Multipurpose: Home equity loans in Ontario can be used for various purposes, including home renovations, consolidation, or even as secured personal loans. 
  • Flexible eligibility criteria: Traditional lenders require strong credit scores to qualify for a loan from them. However, your credit rating is less likely to affect your approval for a loan at Alpine Credits.

Ways you can use a home equity loan in Ontario 

It can provide sufficient funding for multiple financial goals. Some ways you can use it are through the following.

It can be more than enough to cover the cost of your home improvement projects. Rather than using a credit card with high-interest rates and a set credit limit, the loan has comparatively lower interest rates and can provide more funding. 

When you apply through Alpine Credits, you could receive the money within a few days of submitting your application. This can be helpful when covering unexpected expenses like medical bills or urgent home repairs. 

Whether for personal or business expenses, it can help you consolidate your financial obligations. Instead of paying towards multiple loans with individual interest payments, you can streamline your monthly payments and save on interest by consolidating with a home equity loan in Ontario 

It can be used to take advantage of investment opportunities, including starting new businesses or buying a second home. They can also act as the down payment or to invest in a business.

Home Equity Loan in Ontario

Getting home equity loans in Ontario from Alpine Credits 

If you are a resident of Ontario and interested in this type of loan, consider applying with Alpine Credits. We are an alternative lender helping Canadians in Ontario access their home equity in the form of a loan. 

The application is quick and simple with Alpine Credits, allowing you to submit within a few minutes. You’ll also receive the funding within a few days. You’re eligible for a home equity loan as long as you own at least 25% of your home.  

If you have more questions regarding home equity loans in Ontario, contact a Financial Solutions Specialist at Alpine Credits. They can answer all your questions regarding home equity financing and help you get started on the application.

Find loan options in your area

Click on the links below to get started, and see the mortgage options available to you, in the provinces we serve across Canada!

Frequently asked questions

Home equity borrowing allows you to make use of the equity in your home to get a loan. Equity can be calculated by subtracting the property value from the remaining mortgage amount. 

Home equity loans in Ontario are a one-time lump sum payout with a fixed interest rate and monthly payment, while a home equity line of credit is a revolving loan with a variable interest rate. The interest rate is calculated based on the amount of money you use. 

Closing costs are typical of most mortgage-related loans. Charges such as application fees, processing fees, underwriting fees, and others constitute a part of the loan amount. When finalizing the loan, your lender should provide you with an estimate of all closing costs. 

Traditional lenders in Ontario will require a strong credit score and a great income. However, your home equity is the most important criteria with Alpine Credits. It’s also easier to get approved. 

With Alpine Credits, the interest rate for a home equity loan is between 9% -15%, which is significantly lower than most credit cards and unsecured personal loans.