Home Equity Loans in Edmonton, Alberta

As of 2014, major projects in Edmonton were estimated to be worth $57.8-billion. With such high profile projects underway in several industries, it comes to no surprise that the value of property in Edmonton has been on a steady rise. If you are in need of financing, one easy way to get funding in a secured way is through home equity loans. With home equity loans, the risk for the lender is lesser because of the secured nature and as the value of your home increases, you’ll have a steady stream of funding. Utilize a home equity loan in Edmonton with the help of Smarter Loans by simply scrolling down.

Getting approval for a home equity loan is a matter of connecting with a provider that you are aligned with. This may seem simple but there is a fair number of providers in Edmonton to choose from.

To help you navigate through this process easier, we’ve redesigned the application process so that you can efficiently conduct your research by simply scrolling down. By scrolling down you’ll find all of the most reliable providers in Edmonton alongside all of their terms, rates and offers.

Through Smarter Loans, you’ll be able to quickly identify the provider that is best fit for supplying you a home equity loan. After that, click “apply now” and before you get approved, you’ll be asked to complete a quick online questionnaire. If the requirements are met, you’ll be all set to get approved and processed. Alternatively pre-apply with Smarter Loans if you would prefer for us to choose an Edmonton company that is best fit for your needs.

Frequently Asked Questions About Home Equity Loans in Edmonton 

How much will a home equity loan in Edmonton cost?

The exact cost of a home equity loan in Edmonton depends on a few things – primarily the interest rate you are charged. Interest rates on Edmonton home equity loans can be as low as 2%, but the average is just under 6%. Some people may have to pay as much as 20%. The exact rate you pay will depend on the lender you go to, your financial circumstances, and the property in question. You will also need to take into account any fees the lender charges when calculating your costs.

How much can I borrow with a home equity loan in Edmonton?

This depends on the value of your home, and whether you have any other loans secured against it. In theory you can borrow up to 85% of your home’s value. Edmonton’s average property price is $470,000, so this means the average person has a theoretical borrowing room of just under $400,000. But the average mortgage in the city sits at $315,000, and this must be accounted for, as you can’t borrow against what’s already mortgaged! So for the average property in the city, the borrowing room reduces to ($400,000 – $315,000) = $85,000.

Am I eligible for a home equity loan in Edmonton?

69.6% of Edmonton’s population owns their own home, and by doing so pass the most basic requirement to qualify for a home equity loan. Other eligibility requirements include:

  • Minimum age of 18
  • Proof of identity and address
  • An active bank account

You must also pass your chosen lender’s various financial assessments, which can include:

  • A credit check
  • A debt-to-income ratio assessment
  • A home appraisal

What credit score do I need for a home equity loan in Edmonton?

Credit score can be taken into account when you apply for a home equity loan – both as an approval metric, and to determine what interest rate you qualify for. There is no hard-and-fast rule of what credit score you must have in order to get a home equity loan, as all lenders have slightly different criteria. But a good rule of thumb is that the strictest requirements, used by banks, is a score of 650 or above. Edmonton has an average credit score of 645, so there are plenty of locals who will need to apply to alternative lenders in order to secure loan approval.

What are the alternatives to a home equity loan?

If you are one of the nearly 232,000 homeowners in Edmonton, you should know that a home equity loan is not the only route you have to access cash. You might also consider a home equity line of credit (HELOC), a second mortgage, or a mortgage refinancing. Each option has its own pros and cons, so be sure you understand what will work best for your circumstances and needs.

Can I get an Edmonton home equity loan online?

Absolutely! Many lenders offer online application and loan processing options, for convenience and flexibility. Even those with brick-and-mortar locations often have online portals as well. It’s worth noting that some online lenders have very fast turnaround times, meaning you may be able to access an Edmonton home equity loan in as little as 2 weeks.

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