Home Equity Loan Solutions in Ontario

    If you’re a novice homeowner, you may still be getting used to all of the responsibilities that come with owning your own home. Burke Financial is an award-winning mortgage brokerage committed to helping homeowners consolidate their finances and further invest in their property. We take every step to ensure our clients can make the most of their home equity.

    Regardless of your level of debt, income, or credit history, Burke Financial can help you access up to 85% of the equity in your home for what you need.

    Our team works with homeowners throughout Ontario to help them rehabilitate their finances and continue to invest in their property. Learn more about your options with Burke Financial today.

    Home Equity Loan Solutions in Ontario
    Home Equity Loans Burke Financial

    Home Equity Loans

    A home equity loan is a loan taken out by a borrower to use the equity of his or her home as collateral. The loan amount is determined by the property’s current market value, which a designated appraiser determines. The longer you’ve owned your home, the more equity you’ve accumulated and can then use towards your financial goals.

    If you’re struggling to meet your monthly payments, taking out a home equity loan can allow you to access a lump sum of money at a lower interest rate. These funds are often used to consolidate multiple existing debts into a singular payment, putting borrowers in a healthier long-term financial position.

    Let us help you find the perfect mortgage product for you. A home equity loan may very well be your best option.

    Home Equity Loans For All Situations

    We work with homeowners throughout Ontario and across the Greater Toronto Area to rehabilitate their finances and continue to invest in their property. Regardless of your level of debt, income, or credit history, we can help you. Burke Financial allows you to access up to 85% of the equity in your home for what you need to accomplish.

    Our goal is to make every borrowing experience a positive one. As mortgage brokers specializing in subprime mortgages, we have the tools and resources to help you secure the money you need without the wait.

    A home equity loan in Ontario could be your best option. Consider what you can do with a loan on your house equity:

    Home Equity Loans For All Situations
    Fix Urgent Home Repairs


    When your HVAC stops working or there’s structural damage in your home, waiting for loan approval from the bank isn’t a feasible option. Home equity loans are designed to help homeowners cover these unexpected costs without worrying about their current savings or their credit score.

    Taking a loan out on your home equity is a convenient, efficient borrowing option for urgent home repairs.

    Purchasing Investment Properties


    If you’re looking to expand your investment portfolio in Toronto but don’t have the capital in your back pocket, a home equity loan is a low-interest option that you can use to make the down payment.

    If your investment property generates income, you’ll likely have enough funds to cover the expenses.

    Purchasing Vacation Properties


    Home equity loans offer homeowners the financial freedom to expand their real estate portfolio, including investing in a vacation property.

    With the reduced interest rates, owning a vacation rental can offer another income source if you plan on renting the property when you’re not visiting. If the market grows in your favour, your equity in this property will continue to grow.

    Invest in Education


    The cost of education continues to rise and, if you’re already a homeowner, your expenses are likely stretched as far as they can go.

    Whether you’re sending your children to school or looking to invest in your own education, taking out a loan on your house equity is a low-interest solution.

    Consolidate Debts


    Home equity loans offer predictability for Toronto homeowners juggling multiple payments.

    Debt consolidation allows you to combine outstanding funds into a singular, low monthly payment.

    Make Car Payments


    Unless you have the savings needed to purchase a vehicle, you’ll need to look at your borrowing options.

    Using a home equity loan is a low-interest solution that offers a straightforward payment process.

    Wedding Expenses


    When you take out a loan through your home equity, that doesn’t mean those funds must stay within the home.

    Homeowners often use these loans to help pay for sizable expenses, such as a wedding. Knowing how much equity you’ve been approved for will allow you to set a reasonable budget for your special celebration.

    Business Investments


    If you’re self-employed, securing financial backing for your business can be a challenge.

    You can use the equity you’ve earned through paying off your mortgage to invest in your business and grow your profits.

    Rebuild Credit


    If you’ve secured a manageable amount of money and can make your monthly payments on-time, this type of loan can positively affect your credit and increase your ability to secure larger loans in the future.

    Why Choose Burke Financial

    At Burke Financial, we specialize in communicating with lenders on behalf of our clients’ needs to get the lowest possible interest rates and establish a successful payment plan.

    Our mortgage brokers are available on-hand to improve the borrowing experience of homeowners throughout Ontario. As a customer service leader, we’re committed to creating a positive and seamless borrowing experience for all of our clients.

    Contact us today to learn more about your options.

    Top Choice Award Brokerage of the Year 2021
    Better Business Bureau A Accredited Business
    Canadian Mortgage Brokers Association Member

    Contact Us Today

    Feel free to contact us anytime with any questions that you have. We are here to help every step of the way!

    388 Granton Drive (Unit 1)
    Richmond Hill, ON L4B 1H7
    Brokerage # 13111
    Email: [email protected]

      Frequently Asked Questions

      The definition of a home equity loan, also known as a private mortgage, is a fixed-term loan designed to use a homeowner’s property as collateral to receive a large lump sum of capital. The amount of money a homeowner is entitled to will depend on their home’s current value and how much equity they’ve accumulated based on their monthly mortgage payments.

      If you’ve been paying off your mortgage for several years, you’ll likely have acquired home equity. If you could make a sizable down payment before your monthly mortgage, the equity percentage will be even more significant.

      The market value of your property will also factor into the compensation you’re entitled to. If you live in an area where the housing prices are rising, your home’s equity will likely have increased, as will the loan you can receive.

      Working with a mortgage brokerage is an easy and efficient way to access the equity you need without waiting for your bank to process your application. Burke Financial works with lenders in Ottawa, Kitchener, Hamilton, Toronto and all across Southern Ontario to provide our clients with convenient borrowing options that fit their lifestyle.

      A second mortgage is considered a type of home equity loan as it’s an additional loan taken against a homeowner’s property with an existing mortgage. Homeowners put up their homes as collateral, and their lender offers a single lump-sum payment with a fixed interest and payment plan.

      A home equity loan is a secured loan with a fixed interest rate. This means that the lender you’ve selected with your broker will allow you to borrow a definite amount of money, which is based on the current value of your home. You’ll have an agreement in place with your lender, including the loan’s interest rate and established monthly instalments.

      A home equity line of credit (HELOC) is the opposite of a fixed loan as it provides homeowners with a credit line that they can access as often as needed, up to a specific amount. The interest rates for HELOC often fluctuate, as will the monthly payments.

      Typically, the only requirement for a home equity loan is that you have enough equity in your property to borrow against. It’s important to remember that your current financial institution may not offer this type of loan. If they do, your credit score will likely need to be above 650 to qualify. Burke Financial works with borrowers at every credit level to secure the loan they need, even for borrowers whose credit falls below the 650 average.

      Homeowners have the freedom to use their loan however they see fit. This type of loan is often used to cover high, unexpected costs such as a flood or necessary home repair. However, some homeowners choose to use their payment to purchase an investment property or make improvements on their home that will increase its value.

      Burke Financial offers homeowners at every credit level the opportunity to receive a loan on their home equity. We use our expertise to help borrowers with the most challenging applications approved.