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Frequently Asked Questions About Home Equity Loans in Alberta
Am I eligible for a home equity loan in Alberta?
72.4% of Albertaâs population are homeowners, and if youâre one of this number you may be looking to secure financing against the equity in your home. To be eligible to do this, you must:
- Be at least 18 years old
- Have proof of identity and address
- Have an active bank account
- Own your home
These are the basic requirements to be able to apply for a home equity loan; your chosen lender will also want to assess your financial situation to gauge whether they are comfortable approving your loan application, based on their lending criteria.
How much can I borrow with a home equity loan in Alberta?
Eligible homeowners can borrow up to 85% of their homeâs value via a home equity loan, minus any existing loans against the property. The average property in Alberta is worth just over $400,000, and the aver
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