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Home Equity LoanBorrow at a lower interest rate

Home Equity LoanBorrow at a lower interest rate



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HB is better than your Bank.

A Home Equity Loan is a fixed amount of money that is secured by your home equity. You get a lump-sum amount against home equity and can use these funds for home improvements or other expenses.

A home equity loan is a secured term loan that allows homeowners to borrow money against the equity in their home. The home equity loan will be secured by a mortgage registered on title to the home, meaning the lender can claim and sell the home if you default under the loan. How much you can borrow will depend on the amount of equity you have accumulated.

With a home equity loan, you can typically borrow a larger amount of money at a lower interest rate than you can with an unsecured loan.

A home equity term loan comes in the form of a one-time lump sum amount. This amount can be up to 80% of the appraised value of your home, minus the balance of any prior mortgage. It has to be repaid over a specified term unless it is renewed at the end of that term.

Pros of Home Equity Loan

  • Access – depending on how much equity you have built in your home, you may be able to access a larger amount of money
  • Fixed repayment periods – It can be easier to budget for your payments and manage your debt load when you have fixed repayment schedule.
  • Flexibility – You can use a home equity loan for almost anything from renovating your kitchen to paying for a wedding to sending your children to university.

Cons of Home Equity Loan

  • Higher interest rates – Depending on the priority of the mortgage securing a home equity loan, you may pay slightly higher interest rates than with a HELOC.
  • Loan default – If you default on your loan payments, your lender could potentially claim and sell your home.

Our Rates

Compare our rates to the banks and see why the HB Mortgage Centre is the wisest choice.

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Please Note: Advertised rates are not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. Rates may vary from Province to Province and are subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. The advertised rates are provided as guidance only and the accuracy of these rates is not guaranteed. You are encouraged to speak with a HB Mortgage Centre Specialist for the most accurate information and to determine your eligibility. *O.A.C. & E.O.

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