Home Equity Loan
Get an affordable loan quickly and easily using your home equity
Access the equity in your home without selling your property. Use your equity to pay off your credit cards, to finance a large purchase, or to get cash to use at your own discretion. Qualify based on the equity available in your home even when your income is reduced or when your credit is bruised.
or call 1-888-360-1022
360Lending is an award-winning digital mortgage brokerage
See why thousands of Canadians rely on our mortgage advice and services
Learning Centre
What is a home equity loan?
A home equity loan allows you to borrow against the equity in your home. Equity is the difference between your home's market value and the balance of your mortgage(s).
Benefits of getting a home equity loan with 360Lending
1
Affordable monthly payments
Improve your cash flow with a significantly lower monthly payment compared to credit cards and personal loans. By consolidating your consumer debt, you can save up to 50% on interest payments.
2
Common sense qualifications
Qualify using the equity available in your home; perfect for borrowers with over-extended or reduced income and bruised credit.
3
Fast approval and funding
Get faster access to funds compared with traditional banks; funds are usually deposited within 5 to 8 business days once documents are signed.
4
No payments for the first 12 months (optional)
Approved on a case-by-case basis if there is enough equity available. Please ask our team about interest prepayment.
Paid off $25,000in credit card debt
Paid contractors $15,000for emergency repairs
Received $10,000for expenses
Case Study: Tap Into Your Home Equity
Connor and Emily are in their mid-thirties and they inherited their home from their parents a few years ago. Connor is working as an apprentice for a local electrician so he doesn't make a lot of money yet, and Emily just started her new job in software sales after working as a nurse for her entire career.
The couple had about $25,000 of credit card debt but they were making ends meet, until they realized a few things around their house that needed fixing but they couldn't pay for it. They spoke with a few banks but were declined based on their income and credit.
How 360Lending helped Connor and Emily out of a jam
We advised Connor and Emily to get an estimate from local contractors who confirmed the repairs would cost about $15,000.
The clients wanted $50,000 to pay for the repairs as well as to pay off their debt and get some extra cash on hand.
Our team was able to confirm their property's value along with the extent of the water damage by having an appraisal completed.
Results
Connor and Emily were approved for a $50,000 home equity loan with an affordable monthly payment. They repaired the water damage, paid off their debt, and got an extra $10,000 to help with other expenses.
Get an estimate of your monthly payment:
Ready to explore your options for a home equity loan?
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
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Thurs-Fri9am-5pm
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