A home equity loan is a great source of financing for residents of Vancouver, BC, and can be used for just about anything you need, such as home renovations, making a purchase or even going on a trip. With Smarter Loans, it is easier than ever to understand all the home equity loan options available to you in one place. We’ve curated a way for you to research top providers from Vancouver by simply scrolling down to view a complete list.
Once you’ve looked through the options that we’ve listed out, simply choose the home equity loan that is most ideal for what your needs may be, then click “apply now” in order to proceed to the next phase of the online application. If you are stuck on choosing an option, alternatively pre-apply with Smarter Loans and we’ll handle it for you and connect you to a Vancouver provider that is most suitable.
Applying for a home equity loan in Vancouver is easy; all you’ll need is:
With this information a lender can then assess your financial position and whether they are comfortable lending to you.
Most traditional lenders (like banks and credit unions) have a minimum credit score threshold of 650 for their loans. As Vancouver’s average credit score is 703, most local borrowers already meet this criteria. However, there are plenty of alternatives for those not meeting this requirement; some of the lenders listed above will cater to lower credit score borrowers. You just may have to pay slightly more in interest.
Home to nearly a million homeowners, Vancouver offers a bustling loan marketplace for its residents. The list in the table above is a good place to start; there are traditional lenders, like banks and credit unions, many online lenders, as well as some alternative lenders for those looking for more bespoke loan terms. With so many options, Vancouverites are sure to find the right lender for their needs.
That depends on which lender you apply to. Most traditional lenders have fairly slow processes, and it can take up to six weeks to process your application and release your loan funds. Some other lenders, like online lenders, can offer shorter turnaround times – sometimes as short as a week.
Every lender charges slightly different fees, so it’s always important to ask before applying for your loan. You may have to take into account:
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. Vancouver’s average property price is just over $1.23 million, so this means the average home has a theoretical borrowing room of $1.046 million. But the average mortgage in Vancouver sits at $595,000 (the highest level in the country), 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 ($1.046 million – $595,000) = $451,000.
If you are one of the 63.7% of Vancouver residents that owns their own home, 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.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
