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Frequently Asked Questions

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What are the mechanics of a home equity loan?

A home equity loan involves leveraging the equity in your home as collateral. The loan amount is determined by subtracting any existing liens and mortgages from your property’s value. Typically, borrowers make fixed monthly payments over the loan term.

What is a second mortgage?

A second mortgage is another mortgage taken out on a property that already has a primary mortgage in place. It’s important to note that a second mortgage is essentially synonymous with a home equity loan.

What's the process for obtaining a home equity loan and where should I start?

To secure a home equity loan, it’s advisable to begin by consulting a reputable mortgage brokerage. A qualified broker will assess your eligibility and connect you with the most competitive lenders available in the market.

What are the criteria for eligibility for a home equity loan?

Qualifying for a home equity loan typically involves an assessment of the property’s value and the outstanding balance of existing liens and mortgages. To secure the most competitive options, borrowers often need to provide additional documentation to verify their income and credit history.

Is it possible to obtain a home equity loan if I have bad credit or no income?

Absolutely, lenders take into account various factors including the property’s value and available equity, but most importantly, they consider the individual’s unique situation and circumstances.

Can I secure a home equity loan if I currently have a consumer proposal or a history of bankruptcy?

Certainly, home equity loans are frequently utilized to settle outstanding consumer proposals, making them a viable option even for those with such financial history.

How is the interest rate for a home equity loan determined?

The interest rate for a home equity loan is individually assessed, taking into consideration factors such as the property’s condition and location, available equity, and the borrower’s financial profile. Typically, home equity loan rates are lower than those of personal loans or credit cards.

What's the typical timeline for obtaining a home equity loan?

Our process adapts to your needs. In general, once all the necessary paperwork is finalized, funding is typically completed within 5 to 8 business days. For more urgent scenarios, like preventing a Power of Sale, we have successfully closed deals in as little as 4 days. Your timeline is our priority.

Is it necessary for my spouse to be informed and give consent?

Spousal consent is a standard requirement, except when the property has never served as a matrimonial home. In all cases, all individuals listed on the property title must provide their consent for the transaction.

What is the process of debt consolidation?

Debt consolidation operates by merging multiple high-interest credit card debts into a single loan with a lower interest rate. The main objective is to decrease the monthly interest burden, enabling the borrower to gradually free themselves from debt through improved cash flow.

Get In Touch

1330 Mid-Way Boulevard, Unit #1
Mississauga, ON L5T 2K3 Canada

(647) 525-4005

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