Home Equity Loans in Vancouver, BC

Vancouver is constantly referred to as one of the top five worldwide cities to live. This can be attributed to a large variety of factors such as the beautiful environment, culture and people. But one factor is definitely how financing is readily available for those that reside there. With a wide range of applications, if you own a home or have bought a home in Vancouver. A home equity loan is a great source of financing because as the value of your home goes up, you can take out the increased equity as a loan. This is a secured loan so the lender has reduced risk and you have a great chance of getting approved. Since it’s significantly easier to get qualified for the loan, Smarter Loans is here to show you how.

There is such a long list of providers from Vancouver, so in order to simply connect with the right one, you’ll need to compare a set of data to make an educated decision.

This doesn’t have to take a lot of time or energy as Smarter Loans has proven. We’ve curated a way for you to research top providers from Vancouver by simply scrolling down to view a directory that is inclusive of providers alongside their terms, rates and offers.

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.

Frequently Asked Questions About Home Equity Loans in Vancouver

What documents do I need to apply for a home equity loan in Vancouver?

Applying for a home equity loan in Vancouver is easy; all you’ll need is:

  • I.D. showing that you’re at least 19 years old
  • Proof of address
  • Your bank account details
  • Your property’s full details (including information on any existing mortgages on it, and your ownership documents)
  • Proof of income
  • Other financial documents that illustrate all of your assets and debts

With this information a lender can then assess your financial position and whether they are comfortable lending to you.

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

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.

Where can I get a home equity loan in Vancouver?

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.

How long does it take to get a home equity loan in Vancouver?

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.

What fees do I have to pay for a home equity loan in Vancouver?

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:

  • Home appraisal fees
  • Loan origination fees
  • Late payment fees
  • Early repayment fees
  • Closing fees
  • Legal fees

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

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.

What are the alternatives to a home equity loan?

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.

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