Home Equity Loans in Edmonton, When Your Bank Isn't Your Only Option
Elevate Lending helps Edmonton homeowners turn the equity in their home into one lower payment, money for a renovation or cash in the bank. Bruised credit, lower income, self-employed income and pension income are all files we work with every day. One call, multiple lenders, and every fee shown before you sign.
Alberta: 587-900-0036 | BC: 604-200-3228
The Bank Said No. That Doesn't Mean the Answer Is No
Your bank works from one rulebook. If your credit score, your debt load or the way you earn your income falls outside it, the file stops there.
We start from a different place. We look at your full picture: your home, your income, what you owe and what you're trying to fix. Then we send your file to the lenders most likely to approve it. That could be a bank, an alternative lender or a private lender. We're looking for the solution that works for you, not just the lowest rate on paper.
Here's what that has looked like for real clients:
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After a divorce, an Edmonton homeowner had leaned heavily on credit cards just to get through. We placed him with a private lender that didn't need an appraisal and charged lower fees than most private lenders, cutting his lender fee from $6,000 to $2,500. His loan funded in 10 days. He paid off every debt, his monthly cash flow went up by $1,200, and he's no longer juggling high-interest cards.
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An Edmonton family was carrying $80,000 in credit cards and lines of credit after the husband became ill, was hospitalized and couldn't work for months. They kept up with every payment, but their bank refused to refinance and pay out the debt. All it would offer was a renewal, which left them no realistic way to get ahead. We got them approved with a different bank, paid out all of their debts and lowered their payments by $1,800 a month.
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How Much Equity Can You Use?
Most lenders will go up to 80% of your home's value, minus what you still owe on your mortgage.
On a $450,000 home with $200,000 left on the mortgage.
- 80% of $450,000 = $360,000
Minus the $200,000 mortgage = up to $160,000 available
Your exact amount depends on the lender, your credit, your income and the property. Some lenders will go above 80%. We'll tell you what you should qualify for on your first call.
Three Ways to Use Your Equity
There's more than one way to access your equity. The right one depends on your current mortgage, your credit and what the money is for. Not sure which fits? That's what the free call is for. We'll put your options side by side.
Home equity line of credit (HELOC)
A revolving credit line secured by your home. Draw what you need and pay interest only on what you use. Usually the best fit for strong credit.
Second mortgage
A separate loan behind your current mortgage. You keep your existing rate and skip the penalty for breaking it. Often the answer when the bank won't refinance.
Refinance
A new, larger mortgage replaces your current one, and you take the difference as cash. It can mean one lower payment, but breaking your mortgage early may mean a penalty.
What It Costs
Costs depend on the solution that fits your file. Here's what can be involved.
You'll see every cost before you sign. Nothing new shows up at the lawyer's office.
From First Call to Funds
Most files take 10 days to 4 weeks.
1
Quick call
About 5 minutes to understand what you need.
2
Application by phone
About 10 minutes. No forms to wrestle 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
Looking for 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 can find one for you.
8
Funds released
Your lawyer transfers the money on closing.
Who We Help in Edmonton
Debt consolidation
Credit cards, loans and lines of credit rolled into one payment you can manage.
Bruised credit
A low score or old collections doesn't close the door.
Low income
Income that doesn't fit the bank's formula can still qualify.
Self-employed
Write-offs shrink your taxable income. We work with lenders who understand how business owners really earn.
Retirees
Pension income can qualify, even at a bank.
Renovations and big expenses
Use your home's value for the project that keeps getting pushed back.
We work with homeowners across Edmonton and nearby communities, including St. Albert, Sherwood Park, Spruce Grove, Leduc, Beaumont and Fort Saskatchewan. Everything happens by phone, so you never need to come into an office. We've funded home equity loans for homeowners in Edmonton, Calgary and across Alberta.​
Why Edmonton Homeowners Work With Elevate Lending
Women-led and judgment-free. We help you through financial stress with dignity.
Licensed in both Alberta and BC.
In the real estate industry since 2010.
Multiple lenders, so one bank's answer isn't the final word.
Free consultation.
Every fee shown before you sign.
Edmonton Home Equity Loan FAQs
Can I get a home equity loan in Edmonton with bad credit?
Absolutely, yes. Banks are strict on credit scores. Alternative and private lenders focus more on your equity and your overall situation. We send your file to the lenders most likely to say yes.
How much equity do I need?
Most lenders lend up to 80% of your home's value, minus your mortgage. If you owe less than 80% of what your home is worth, you likely have equity to use.
How fast can I get the money?
Usually 10 days to 4 weeks from your first call.
Will I have to break my mortgage?
Not always. A second mortgage or HELOC can sit behind your current mortgage, so you keep your rate and avoid a penalty. We'll show you if breaking it makes sense.
Can I qualify on pension or self-employed income?
In many cases, yes. We've had retirees approved at TD Bank on pension income, and we work with lenders who understand self-employed income.
Do I need to meet you in person?
No. Your call, application and proposal all happen by phone. You'll only meet the lawyer for signing.
What does it cost?
It depends on the lender and the solution. You'll see every fee before you sign anything.
Do I need my own lawyer?
You'll need a lawyer to sign and release the funds. We work with lawyers across Alberta and can find one for you.