Home Equity Loans in Alberta and BC
Your home has built up value. A home equity loan lets you use that value to pay off high-interest debt, lower what you pay each month, or free up cash for renovations, savings or a fresh start. We work with homeowners across Alberta and BC, including people the bank turned down because of credit, income or self-employment.
Alberta: 587-900-0036 | BC: 604-200-3228
How Much Can You Borrow?
​Most homeowners can borrow up to 80% of their home's value, minus what they still owe on their mortgage.
Example: your home is worth $500,000 and you owe $250,000.
- 80% of $500,000 = $400,000
- Minus the $250,000 mortgage = up to $150,000 available
In some cases, lenders will go up to 85%. Your exact amount depends on the lender, your credit, your income and your property.
Which Option Fits You?
A home equity loan can be set up a few different ways. We'll recommend the one that fits your situation.
A line of credit secured by your home. Borrow, repay and reuse, and pay interest only on what you use.
Keep your first mortgage as is and add a second loan behind it. Often the better route when you have a good rate or breaking your mortgage would cost a penalty.
Replace your current mortgage with a larger one and take the difference in cash. One payment, but breaking your mortgage early may come with a penalty.
What Does a Home Equity Loan Cost?
Costs vary based on the solution that fits you. Here's what can be involved:
- Lender fee: Some lenders charge none. Alternative and private lenders usually charge one.
- Broker fee: Depends on your file and the lender.
- Legal fees: A lawyer registers the mortgage and releases your funds.
- Appraisal: Ordered only after you're approved. Sometimes the lender handles it with a desk appraisal.
- Interest rate: Depends on the lender, your credit and your equity.
Every cost is shown to you before you sign. No surprises at the lawyer's office.
How It Works
Typical timeline: 10 days to 4 weeks from first call to funds.
1
Quick call (about 5 minutes).
We learn what you need.
2
Application by phone (about 10 minutes).
No forms to fight with.
3
Your proposal.
We show you what you should qualify for.
4
Documents.
Our team will reach out with exactly what we need.
5
We shop multiple lenders.
The goal is the best solution, not just the best rate.
6
Approval and appraisal.
You sign your approval, then the appraisal is ordered.
7
Lawyer signing.
We work with lawyers across Alberta and BC and can find one for you.
8
Funds released.
Your lawyer transfers the funds on closing.
Who We Help
Debt consolidation
Roll credit cards, loans and other balances into one manageable payment.
Bruised credit
A low score or past collections doesn't mean you're out of options.
Low income
Income that doesn't fit the bank's box can still qualify.
Self-employed
Write-offs lower your taxable income. We know how to present your income to lenders who understand how business owners actually earn.
Retirees
Pension income can qualify, even at a bank.
Renovations and big expenses
Use the value in your home for the project you've been putting off.
We work with homeowners across Alberta and BC, from Calgary and Edmonton to Surrey and Kelowna.
Why Homeowners Choose Elevate Lending
- Women-led, judgment-free. We help you through financial stress with dignity.
- Licensed in both BC and Alberta.
- In the real estate industry since 2010.
- Access to multiple lenders, so you're not stuck with one answer.
- Free consultation.
- All fees shown before you sign.
Home Equity Loan FAQs
Can I get a home equity loan with bad credit?
Absolutely, yes. Banks are strict about credit scores, but alternative and private lenders look more at your home's equity and your overall situation. We send your file to the lenders most likely to approve it.
How much equity do I need?
Most lenders will lend up to 80% of your home's value, minus your current mortgage. If you owe less than 80% of what your home is worth, you likely have equity to work with.
How long does it take to get the money?
Usually 10 days to 4 weeks from your first call to funds in your account.
Do I have to break my current mortgage?
Not always. A second mortgage or HELOC can sit behind your existing mortgage, so you keep your current rate and avoid a penalty. We'll show you whether breaking it makes sense.
Can I qualify on pension or self-employed income?
Yes, in many cases. We've had retirees approved at TD Bank on pension income, and we work with lenders who understand self-employed income.
What does it cost?
It depends on the lender and the solution. You'll see every fee before you sign anything.
What documents will I need?
It depends on your file. After your application, our team will reach out with exactly what we need.
Do I need my own lawyer?
You'll need a lawyer to sign and release the funds. We work with lawyers across Alberta and BC and can find one for you.