What is a Home equity Loan?

A home equity loan, also known as a second mortgage, is a type of loan in which the borrower receives a large loan by accessing equity from his or her property. The loan amount is determined based on the equity of your property, which is dependent on the appraised value of your home and the current balance on your mortgage.

Here’s an example scenario: Value of your home – Amount owing on your mortgage = Home Equity

800k Appraised Value

300kYour Mortgage

500kAvailable Equity

This means that your home has $500,000 in equity.

A Home Equity Loan would allow you to borrow up to a certain percentage of your home equity. You may want to consider a home equity loan if you have large expenses you need to cover or are looking to pursue a new business venture. LendMoola approves loans for anywhere between $10,000 to $500,000+ with an easy, reliable, and stress-free repayment process. Start your zero-obligation application today and see the type of rates you can get approved for!

A HOME EQUITY LOAN Can be used for anything including ...

Consolidation Loan

Home Renovation Loan

A consolidation loan lets you combine multiple outstanding balances, including credit card charges, a car loan, or student loans. You can consolidate them all by taking out a new loan to pay off other financial obligations. Around 15.75% of Canadians use personal loans to consolidate because they have a comparatively lower interest rate than all other loans combined.

Home Renovation Loan

Improving your home is a big commitment and a significant investment. Many Canadians consider giving their property a makeover but might see the required budget as an obstacle. Instead of worrying about how much they’ll have to save and spend, homeowners can apply for a loan to finance the renovations.

Unexpected Expenses

Home Renovation Loan

Unexpected Expenses

You never know when those Unexpected Expenses comes up like a new ROOF, expensive Automobile repair, maybe a Special Levy.

Business Loans

Improving Credit Score

Unexpected Expenses

Are you looking for additional capital for your business? Maybe you need money to purchase or start a business.

Improving Credit Score

We can help pay off your debt that is on your credit bureau and increase your credit score.

And much much More!

Improving Credit Score

AutoMobile Loan
Paying off Tuition
Paying Tax Debt