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When people think of Markham, Ontario they often see a vibrant, thriving and constantly growing community. Home equity loans are often used by homeowners who need extra cash for a variety of reasons. All it takes is a simple online application to apply for a home equity loan. So how do you get started with a home equity loan?
Smarter Loans has curated a catalogue of the top, most reliable providers from Markham into a single online directory. This means that all of the top providers from Markham and their home equity loan offers are organized in one place. Instead of looking everywhere for answers, you can reduce the amount of time and energy required and simply apply right from the directory when you’ve found an option that works for you.
Select a provider from the online directory that we’ve listed and then hit “apply now” to apply via the online application. Submit the application directly to your chosen provider or alternatively, pre-apply with Smarter Loans and we’ll assign a home equity loan and provider to you based on your unique preferences.
To apply for a home equity loan in Markham, you’ll need:
With this information a lender can then assess your financial position and whether they are comfortable lending to you.
You might not know it, but Markham is home to Canada’s highest average credit score – an impressive 715. Given that even the most stringent loan rules usually only require a credit score of 650, this means many Markhamites don’t need to worry about credit score requirements when applying for a home equity loan. However, if you’re one of the few falling below the 650 threshold, you still have options. Alternative lenders often have more flexible requirements than traditional, more rigid lenders (like banks and credit unions), and are a good bet for those worried about their credit score.
The amount you can borrow with a home equity loan depends on the value of your home and how much in other loans you have secured against it. You can borrow up to a total of 85% of your home’s value. Some lenders also have upper limits on how much you can borrow. In Markham the average property is worth just under $1.1 million, so this means you can borrow up to $935,000 (85%), minus the balance of any existing debt (such as your mortgage).
Interest rates on Markham home equity loans can start as low as 2%, but the average is higher, at just under 6%. The exact rate you pay will depend on the lender you go to, your financial circumstances, and the property in question. You also need to take into account the loan’s fees, which may include:
Markham’s location in the GTA means that its residents have easy access to the largest loan market in Canada. The list in the table above is a good place to start when looking for a Markham home equity loan; there are also traditional lenders, like banks and credit unions, and a slew of online lenders, as well as some alternative lenders for those looking for more bespoke loan terms. It’s important to make sure that wherever you go, your chosen lender is reputable. Avoid anywhere that has high fees, isn’t transparent, or has bad customer reviews.
If you own your own property in Markham, 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.
