Home Equity Loans in Brampton, Ontario

Today Brampton’s changed significantly and continues to as more people continue to buy homes. If you are looking to participate in the cultural and economic hub that has come such a long way since it’s days as a small village, you may be interested in a home equity loan. Home equity loans are easy to procure because they are a form of secured loan for the lender. How it works is that your home equity is a form of collateral where as the value of your home goes up, you can continually take out the increased equity as a loan. A variety of companies in Brampton supply home equity loans and without leaving the comfort of your device, you’ll be able to apply for one.

Home equity loans are the go to solution for financing for many people in Brampton because it’s a straightforward, transparent and efficient method to secure the funds that you need in order to purchase a home.

Thanks to Smarter Loans, you’ll find all of the copious amount of information that you need to consider, organized into a directory below. Scroll down to compare terms, rates and offers by the top Brampton providers and apply to the best one for your specific needs.

Whenever you’re prepared to apply for a specific home equity loan, just click “apply now” to get started with your chosen provider. Alternatively, if letting someone else handle your research is preferable to conducting it on your own, pre-apply with Smarter Loans and we’ll source a provider from Brampton that we deem most suitable for you.

Pre-Apply for a Home Equity Loan

Pre-Apply and we'll find a lender for you

Frequently Asked Questions About Home Equity Loans in Brampton

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

The amount you can borrow with a home equity loan in Brampton depends on the value of your home and whether you have any other loans secured against it. This is how the math works:

Take the value of your home (in Brampton the average detached property is worth just over $1.5 million)
Calculate 85% of this value (so for the average, 85% is $1.275 million)
Deduct the value of any existing mortgages on the property (for example, if you have a $500,000 mortgage already, take this amount away from your $1.275 million borrowing room)
This then gives you the upper limit on how much you can borrow via a home equity loan (for our example above, this comes to $775,000). Some lenders also have limits on how much you can borrow, which may cap this at a lower amount.

Am I eligible for a home equity loan in Brampton?

Brampton has one of Ontario’s highest home ownership rates, at 80%, and many of this number will be able to access a home equity loan. To be considered eligible, you must:

Be at least 18 years old
Have proof of identity and address
Own an active bank account
Own your home in Brampton
Pass your chosen lender’s various approval requirements, which usually include:
- A minimum credit score
- A debt-to-income ratio assessment
- A home appraisal
- Analysis of your employment income
- Understanding of your existing equity levels

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

Each home equity lender has different credit score criteria, so in theory anyone – with any credit score – can access financing based on their Brampton property’s equity. However, most traditional lenders (like banks and credit unions) have a minimum credit score threshold of 650. Brampton’s average credit score is 667.

What’s the best interest rate I can get on a home equity loan in Brampton?

Interest rates on Brampton home equity loans can be as low as 2%, but the average is just under 6%. The exact rate you pay will depend on the lender you go to, your financial circumstances, and the property in question. It’s important to also take into account loan fees when calculating your loan’s eventual cost.