HB Mortgage Centre

Home Equity Loans in Ontario

You need a set amount of money, once, and you have equity in your home. That is the situation a home equity loan is built for: a fixed lump sum borrowed against your equity, with a set payment. It is the lump-sum cousin of a HELOC, and the right choice when you know exactly how much you need.

We are an FSRA-licensed Ontario mortgage brokerage, not a lender. We help you find a home equity loan that fits, subject to qualification and a property review.

Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.

Talk to a broker Call (647) 542-6100

FSRA Brokerage #13449Â·Hardeep Batoo, BrokerÂ·Ontario-wideÂ·No obligation

How it works

How does a home equity loan work in Ontario?

You borrow a set amount against the equity in your home and repay it over a term, often at a fixed rate. The amount is usually limited by a combined loan-to-value cap, commonly up to 80 percent of your home's value, minus your existing mortgage balance. (Source: OSFI B-20.) Your lender may set a different cap. Because it is secured by your home, the rate is usually lower than unsecured credit.

Costs and qualification

What does a home equity loan cost, and how do you qualify?

Qualification considers your equity, income, and credit. The rate depends on the lender and your file. We do not post rates here; for context see mortgage rates. Where a private lender is involved, fees may apply and we disclose them before you commit.

See mortgage rates for context →

Rates and fees depend on lender and individual file. No rate is guaranteed until a lender commits. Subject to qualification. O.A.C. E.&O.E. FSRA #13449.

Costs and qualification

Equity requiredTypically subject to a combined LTV cap, often up to 80% of value
Rate typeOften fixed; depends on lender and file
Private lender feesDisclosed before you commit, if applicable
Our feeDisclosed upfront; no surprises

How it works

How we help

Tell us your goal and equity

A short call about the amount you need and your equity. Free and without pressure.

We match the file to lenders

We review your equity and goal, approach lenders who fit, and explain the options before you decide.

The same broker handles it through to funding

One broker sees your file from application to funding. No amount or approval is promised before lender review.

Why it matters

Lender choice counts in equity lending

We review your equity and goal, then approach lenders who fit, and explain the options before you decide. Everything is subject to qualification, lender review, and a property assessment. We do not promise approval or a specific amount.

Lender choice counts in equity lending, and we bring real choice: more than 50 lenders, with over $1 billion in mortgage funding arranged since December 2021.

Compare: home equity line of credit →

Why a broker

Home equity loan or HELOC

If you are unsure, see HELOC. The two solve different problems.

See home equity line of credit

FAQ

What is a home equity loan and how does it work in Ontario?+

It is a fixed lump-sum loan secured against your home's equity, repaid on a set schedule, subject to qualification.

Home equity loan or HELOC, which should I choose?+

A home equity loan is a fixed lump sum; a HELOC is revolving. Choose the loan when you know the amount; choose the HELOC for ongoing access.

How much can I borrow?+

Usually up to a combined loan-to-value cap, commonly up to 80 percent of value, minus your mortgage balance, subject to qualification and a property review. Your lender may set a different cap. (Source: OSFI B-20.)

What does a home equity loan cost?+

A rate set by the lender and your file, often fixed. Private lenders may charge fees, which we disclose before you commit.

Is a home equity loan the same as a second mortgage?+

They are related but distinct. A home equity loan is a lump-sum equity loan; a second mortgage specifically sits behind your first mortgage. We will explain which applies to your situation.

What are the risks of a home equity loan?+

The loan is secured by your home, so the payment has to fit your budget through the full term. If carrying it would be tight, we will say so and look at alternatives.

How fast can funds arrive?+

Timing depends on the lender, the appraisal, and your file. Equity loans can move quickly once documents are in, but no timeline is promised until a lender commits.

Borrow against your equity, the right way

Tell us how much you need and we will tell you whether a home equity loan, a HELOC, or another option fits best. No cost, no obligation.

What happens next: A short call about the amount you need and your equity, free and without pressure. Then we match the file to lenders and show you the options in writing, costs included. The same broker handles it through to funding. No amount or approval is promised before lender review.

Apply Call (647) 542-6100

Subject to qualification and lender approval. O.A.C. E.&O.E. FSRA #13449.

FSRA Brokerage #13449 Â· Hardeep Batoo, Broker Licence #M13002408 Â· Ontario-wide

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