Ottawa’s real estate market has seen strong growth over the past decade, which means many homeowners now have substantial equity built into their homes.
But here’s the thing: equity isn’t just a number on paper. You can turn it into real, usable cash with a home equity loan or second mortgage.
At Burke Financial, we help Ottawa homeowners unlock that value to tackle debt, fund renovations, or overcome short-term financial stress, often without refinancing their existing mortgage.
What Is a Home Equity Loan or Second Mortgage?
A home equity loan (also called a second mortgage) is a loan secured against the value of your home. It doesn’t replace your current mortgage, it adds a second loan using your equity as collateral.
It’s a popular option for homeowners who:
- Want to renovate
- Need to consolidate high-interest debt
- Have bad credit and can’t qualify at the bank
- Need cash quickly for life events or emergencies
3 Practical Ways to Use a Home Equity Loan in Ottawa
1. Fund Major Renovations
Looking to renovate your kitchen, finish your basement, or upgrade an aging roof? Home improvements can be expensive, but they often increase your property value.
Example: One Ottawa homeowner used a $75,000 home equity loan to create a legal basement apartment that now generates $1,300/month in rental income.
2. Consolidate High-Interest Debt
Credit card interest rates are skyrocketing, but your home equity could be the solution. By consolidating your debts into a single loan with a lower interest rate, you can:
- Reduce your monthly payments
- Pay off debt faster
- Improve your credit score
Burke Financial recently helped a resident consolidate $62,000 in unsecured debt into one affordable monthly payment using a second mortgage.
3. Access Emergency Funds Without Selling Your Home
Whether you’re facing tax arrears, legal fees, or medical costs, a second mortgage can help you solve the problem without having to move or sell.
At Burke Financial, we provide fast, private mortgage options, even for clients with recent credit issues or urgent needs.
Can You Qualify for a Home Equity Loan in Ottawa?
Yes, even if you’ve been turned down by your bank.
We work with over 100 trusted alternative lenders to provide flexible solutions for:
– Self-employed borrowers
– New Canadians
– Credit scores under 600
– Clients facing a Notice of Sale
Why Choose Burke Financial?
- Award-winning mortgage brokerage in Ontario
- We handle everything from lender negotiation to document collection
- Personalized solutions backed by expert advice
📞 Call now or book your free consultation
⏱️ Approvals in as little as 48 hours
🏠 Serving all Ottawa neighborhoods and surrounding regions
