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Property and equity
Lenders review the appraised value, current mortgages, liens and all other borrowing secured against the property.
Ontario homeowner solutions
Home Equity Loans in Ontario
Put the equity in your home to work with a one time lump sum. Whether you are planning a renovation or reviewing high interest debt, Burke Financial can compare Ontario lender options and explain the payment schedule, fees, and risks before you borrow.
One time lump sumOntario wide guidanceMultiple lender options
The essentials
A lump sum, with a clear repayment schedule.
A home equity loan turns part of your available property equity into funds advanced at once.
A home equity loan is secured by your property and pays the approved amount at once. You pay interest on the amount advanced and repay it under the lender’s agreed schedule. Unlike a HELOC, repayments do not replenish a credit line.
Depending on the offer, the rate and payment terms may be fixed or variable. Confirm the actual rate, payment frequency, term, amortization and prepayment rules in the lender disclosure before proceeding.
Important distinction
If you expect to need funds in stages, a revolving HELOC may offer more flexibility. If you need a known amount upfront, a home equity loan may provide a more structured path.
Approval factors
What determines the amount?
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Your application
The requested amount, income, credit profile, repayment ability and the lender’s underwriting policies all influence the decision.
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The actual offer
Fees, lender limits and product conditions can reduce the amount available. A general percentage is not a personal approval.
Illustration only
An $800,000 home with a $400,000 existing mortgage would have $240,000 of theoretical room at an 80% combined loan to value limit: $800,000 × 80% $400,000. Other secured balances, fees and underwriting can lower the amount.
Put equity toward a plan
A defined amount for a defined purpose.
From a major renovation to reorganizing higher interest debt, start with the amount you need and compare the complete repayment cost before moving forward.
Make an informed choice
Compare total cost not only the payment.
Consolidating debts can simplify your finances, but extending repayment can increase total interest even when the monthly payment falls. Because the loan is secured by your home, missed payments can put the property at risk.
| Compare | Home equity loan | HELOC |
|---|---|---|
| Access to funds | One approved lump sum | Draw, repay and potentially draw again |
| Interest | On the full amount advanced | Generally on the amount drawn |
| Rate structure | May be fixed or variable | Usually variable |
| Best suited to | Defined expense or consolidation plan | Staged or uncertain expenses |
| Key caution | Longer repayment may increase total interest | Interest only payments may leave principal outstanding |
A guided process
From equity review to lender offer.
Share your goals
Tell us the amount you are considering, how you plan to use it and the property details.
Compare suitable options
We review available lenders, estimated costs, payment structure and qualification requirements.
Review before deciding
See the offered terms and written cost breakdown before choosing whether to proceed.
Home equity loan FAQs
Clear answers before you borrow.
The exact rate, amount and fees depend on the lender’s written offer.
What is the difference between a home equity loan and a HELOC?
The loan advances one lump sum that you repay on a schedule. A HELOC is a revolving credit line that lets you draw, repay and potentially draw again. Their rate structures and payment requirements may differ by lender.
How much can I borrow against my Ontario home?
It depends on the value, existing secured debts, lender loan to value policy and your application. An 80% combined LTV example is a planning illustration, not a guaranteed limit or approval.
Can I apply with bad credit?
Yes, you can ask for an assessment. Some alternative lenders consider more than the credit score, but they also evaluate property equity, repayment ability and overall risk. A weaker credit profile may affect the rate, fees or available amount.
Is the interest rate fixed?
It may be fixed or variable depending on the lender and product. Review how and when a variable rate can change and ask for the total cost under the offered terms.
What will my monthly payment be?
The payment depends on the amount advanced, offered rate, amortization, repayment structure and fees. Request a written illustration that shows both the payment and total interest. A lower payment does not automatically mean a cheaper loan.
How quickly can I receive funds?
Timing depends on underwriting, appraisal, documents, legal registration and lender funding. An initial response may be quick, but approval within 24 hours and a specific funding date cannot be promised for every application.
Can I use the money to consolidate debts or renovate?
These are common uses, subject to the lender’s terms. Compare the overall repayment cost and have a plan for avoiding new high interest debt after consolidation.
What fees should I ask about?
Ask about appraisal, legal, title, lender, broker, administration and possible prepayment fees. Request a written breakdown of the amount you receive and the total amount you may repay.
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