Unlock the equity in your home can offer you more flexible life choices
We help you search for Canada’s home loans using home equity take-out by answering just a few simple questions. Choosing the right mortgage for equity takeout can be daunting. We’ve got great rates and information to make your choice easier.
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Why access the equity in your home?
You got options when it comes to borrowing using your home equity.
Home equity is the difference between the value of your home and the unpaid balance of your current mortgage. For example, if your home is worth $1,000,000 and you owe $150,000 on your mortgage, you’d have $850,000 in home equity. Your home equity goes up in two ways:
- As you pay down your mortgage
- When the value of your home increases
A simple guide to borrowing USING your home equity
You can borrow up to 80% of the appraised value of your home, minus what you have left to pay on your mortgage, home equity line-of-credit, or any other loans that are secured against your home.
Your lender may agree to refinance your home with the following options:
- A home equity line-of-credit
- A second mortgage
- A reverse mortgage
The lender will deposit the money you borrow in your bank account all at once. You can choose how you want to spend it. You can pay off debts, invest in another property, catch up on your retirement savings. You’re in control!
1. Set-up home equity line-of-credit (HELOC)
A HELOC works much like a regular line of credit. You can borrow money whenever you want, up to the credit limit. You can take out money from a home equity line of credit when you need to by using your regular banking methods. You pay it back and borrow it again. This line of credit is secured by your home.
2. Take out a second mortgage
A second mortgage is a second loan that you take on your home. You may borrow up to 80% of the appraised value of your home, minus any existing mortgages, through some private lenders. You can take out a second mortgage with a different lender than your first mortgage.
3. Set-up a reverse mortgage
A reverse mortgage allows you to borrow up to 55% of the current value of your home. You must be a homeowner and at least 55 years old to qualify for a reverse mortgage. If you have a spouse, both of you must be at least 55 years old to qualify. Typically there are no monthly repayments associated with a reverse mortgage.
Have a question? We have answers.
If you can’t find what you’re looking for. Please get in touch
Are you a bank or a mortgage broker?
Neither! We are actually the best of both services. We’re a broker-backed financial technology provider. In other words, a comparison website with access to a panel of lenders. Our panel of mortgage brokers provides you access to many lenders, while our bank mortgage specialists provide you access to products available through a single bank. The products and services available through our lender panel will vary by region, terms, rates, and conditions.
What happens after I’ve completed the search for lenders?
When you’re done with the search (either for refinancing or purchasing), you’ll receive an email from us with the next steps, along with our list of recommended consultants. After which one or several home loan consultants will contact you to make their recommendations and offers. The next step is for you to decide which lender or offer you would like to proceed with further. Our lending panel consists of qualified, licensed, and experienced lenders, bankers, and mortgage brokers that can offer you the best deals in the marketplace.
Is entering my personal details safe?
It’s really safe. We think our way of evaluating your basic information is by far safer and more convenient than completing a typical full mortgage application without knowing your options upfront.
Am I eligible for a home loan?
- To be refinancing or purchasing a property (not bare land or farmland).
- To be purchasing a home in a major city or major regional centre with a population of 5000 people or more.
- At least a 5% deposit or equity, plus savings to cover fees and charges, such as the land transfer tax. If you have less than a 20% deposit, you’ll need to pay Lenders’ Mortgage Insurance (CMHC or equivalent).
- To be borrowing at least $10K for refinancing or $50K for purchasing but no more than $2M; amounts greater than $2M available for commercial mortgages.
- To be purchasing a property, currently employed, either with a paystub or self-employment to get started. For refinancing, while unemployed or under-employed, you may be able to get a home loan through a private lender.
- At least one form of government ID, such as a passport, driver’s licence and/or a supporting secondary ID.
- To be a Canadian citizen or permanent resident, and live in Canada.
Great rates from as low as
What our customers are saying
Jan 19, 2021
Ms. Beverly A., BC
Smooth process, excellent customer service
The initial process of seeking a home loan online was very simple and smooth. Although they were a little slow getting back to us, as they were extremely busy, once we sent them an email following up on the status our consultant was extremely prompt and helpful.
Once we were ready to go ahead with the submission, they got back to us with the approval straight away and have been very helpful throughout the remainder of the process. Not only have we gotten a great rate, but they also made the whole thing as painless as possible. I would highly recommend it.
Nov 29, 2020
Mr. Robert M., BC
Our mortgage refinancE process has been easy…
We’ve been contemplating refinancing my loan for a while but found it was too hard as my wife was self-employed so experience generally was very painful with never-ending requests for information. We found our consultant knowledgeable, organized and transparent with a quick turnaround to a decision.
Update: I applied for the loan with one of the recommended consultants on July 30 and settlement has now been set for September 2, 5 weeks. One of those weeks was my “fault” as I took that long to look over the documents and so it is really 4 weeks on their end.
Apr 17, 2019
Mrs. Leslie K., AB
Careful research revealed mortgage broker of choice
I had looked closely at my various options to take out a mortgage hoping that I would receive the best deal with my current and long-term bank. However, despite decades of proven banking performance and responsibility, my current bank failed to even get close to what the consultant was able to offer and deliver.
Ultimately, I selected one of the recommended consultants to work with. It’s a two-way street. A straightforward and logical process was conducted online or by phone presented and delivered to ensure the business was ethical and practical for both sides.
Sep 5, 2019
Mr. James S., ON
Simple, easy for first-time homebuyers
I am a first home buyer that’s pretty busy with life who wanted a quick and easy mortgage process. After speaking with friends and family, I was told it didn’t exist but “Best Mortgage” was exactly that. They put me in touch with several consultants before I selected the one that I liked.
• Easy to understand offers from several providers
• Picked who to work with while still getting the best rates.
• Friendly home loan consultant to assist whenever needed
Ready to start saving?
It’s a big decision, and you’re where you want to be. Start your search now.
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