Home Equity Loans in Ontario
Unlock Your Home Equity, Even If the Bank Said No
Turnedaway.ca helps Ontario homeowners unlock the equity in their home regardless of credit score or income. Whether you need to consolidate debt, stop a power of sale, or resolve a CRA lien, we have the lender network to help.
or call 1-855-668-3074
Approvals in as fast as 24 hours · No income or credit requirements · Financing from $25,000
A home equity loan is a lump-sum loan secured against the equity in your home, repaid over a fixed term. In Ontario, equity-based lenders approve based on your home's value rather than your credit score or income, which is why a home equity loan is often available to homeowners who have been declined by a bank.
~1/3
Of the average Canadian's wealth is now held in their home, a major source of accessible equity
24 hrs
Typical approval window through Turnedaway.ca versus weeks at a traditional bank
80%
Maximum loan-to-value we arrange, leaving equity protected as a buffer
$25K
Home equity loan financing available starting from $25,000
Why Ontario Homeowners Are Tapping Their Equity
Rising interest rates, a higher cost of living, and tighter bank lending standards have made the home equity loan one of the most in-demand financial tools in Ontario. Many Canadians are carrying record levels of unsecured debt while home values across the province remain strong, leaving significant equity locked in their homes.
A home equity loan lets you put that equity to work, paying off high-interest debt, covering a major expense, or resolving a financial emergency, often at a fraction of the cost of credit cards or unsecured loans. For general guidance on borrowing against home equity, the Financial Consumer Agency of Canada is a helpful independent resource.
At Turnedaway.ca, we work with a wide network of lenders, including alternative and private lenders, which is what allows us to arrange a home equity loan for homeowners who have already been declined by their own bank.
How a Home Equity Loan Works
Getting approved for a home equity loan through Turnedaway.ca is straightforward. Here is what the process looks like from your first application through to funding.
Apply Online
Complete our secure application at apply.turnedaway.ca in minutes. No credit check required to start. Use our home equity calculator to estimate how much you may qualify for.
We Review Your File
Within 24 hours we review your application and match you with the lender best suited to your equity position, property type, and situation, staying within our 80% loan-to-value cap.
Property Appraisal
An independent appraisal confirms your home's current market value, which determines how much equity is available to borrow. We subsidize appraisal costs wherever possible.
Approval and Legal Work
Once approved, your lender issues a commitment with all terms and costs disclosed in writing. Your lawyer completes the legal work and registers the loan.
Get Funded
Funds are advanced directly. Most files close within 5 to 10 business days once we have everything we need. In urgent situations such as a pending power of sale, some files close faster.
Who Qualifies for a Home Equity Loan in Ontario?
A home equity loan is secured against the value of your property. That means approval is based primarily on the equity you have built up, not your credit score or employment status. Not sure how much equity you have? Use our home equity loan calculator to get an estimate.
Bad Credit or No Credit
Missed payments, collections, consumer proposals, and past bankruptcies do not automatically disqualify you. Equity is what matters.
Self-Employed
No income verification or tax returns required. Your property qualifies you, not your paystub or Notice of Assessment.
Use your equity to consolidate high-interest debt into one manageable payment at a significantly lower rate.
Separation or Divorce
Need to buy out a spouse but cannot qualify at the bank on a single income? A home equity loan can fund the buyout and keep you in your home.
Home equity loan funds can discharge CRA liens and tax debts registered against your property before collection action escalates.
Fast access to funds can pay out mortgage arrears and stop a power of sale before it completes.
or call 1-855-668-3074
How Much Can You Borrow?
The amount you can borrow through a home equity loan depends on your property's current value, the amount you still owe on your mortgage, and the lender's maximum loan-to-value ratio. Turnedaway.ca does not arrange deals above 80% LTV, which protects you if property values decline.
Simple Example
| Detail | Amount |
|---|---|
| Estimated Property Value | $800,000 |
| Maximum LTV at 80% | $640,000 |
| Existing Mortgage Balance | $450,000 |
| Maximum Home Equity Loan Available | $190,000 |
Use our home equity loan calculator to get a personalized estimate based on your own property value and mortgage balance. Financing available from $25,000.
What Can You Use a Home Equity Loan For?
Unlike bank loans that come with restrictions, a home equity loan gives you access to funds you can use for virtually any purpose. Our clients use them across a wide range of financial needs.
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Pay off credit cards, car loans, and lines of credit at a fraction of the interest rate. One payment, one lender, less stress.
🏠
Home Renovations
Fund major repairs or upgrades to protect and increase your property value without depleting your savings.
⚖
Separation Buyout
Buy out a spouse's interest in the family home and avoid a forced sale during an already difficult time.
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Clear outstanding CRA debts and discharge liens before government collection action puts your property at risk.
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Bridge the gap between your current mortgage situation and qualifying for a better rate down the road.
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Clear outstanding property tax arrears before the municipality begins tax sale proceedings against your home.
Home Equity Loan vs. HELOC vs. Second Mortgage
There are several ways to access the equity in your home. Understanding the differences helps you choose the right product. Turnedaway.ca can arrange all three depending on your needs.
| Feature | Home Equity Loan | HELOC | Second Mortgage |
|---|---|---|---|
| Funds Delivered | Lump sum | Revolving credit | Lump sum |
| Credit Score Required | No minimum | 650+ typically | No minimum |
| Income Verification | Not required | Required | Not required |
| Approval Speed | 24 to 48 hours | Weeks | 24 to 48 hours |
| Best For | Lump sum needs, debt payoff, buyouts | Ongoing access to funds | When first mortgage stays in place |
| Available Through Turnedaway.ca | ✓ Yes | ✓ Yes | ✓ Yes |
Our Commitment to Responsible Lending
Turnedaway.ca has been helping homeowners who were turned away by the big banks for decades. We are a licensed mortgage brokerage, and our job is to give you honest guidance, not just a transaction.
We do not arrange home equity loans above 80% loan-to-value. This is not a policy we advertise to attract business. It is a line we hold to protect our clients. Property values can fall, and when a homeowner is already in financial difficulty, taking them to the edge of their equity creates risk we are not willing to accept on their behalf. Every deal we arrange leaves meaningful equity in place as a buffer.
The full cost of any solution, including the interest rate, lender fee, broker fee, legal fees, and appraisal, is disclosed in writing through a formal Cost of Credit Disclosure for your specific deal before you commit. If a lender or broker offers you more than 80% LTV on a home equity loan, ask them why, and what happens if your property loses value.
or call 1-855-668-3074
Real Client Results
Every client situation is different. Here are three examples of how Turnedaway.ca helped Ontario homeowners access their equity when traditional lenders said no.
Case Study 1 | Separation
Keeping the Family Home After Divorce
When Sarah and her husband separated, one of the biggest challenges was the family home. Sarah wanted to remain in the house with the children, but qualifying with her bank on a single income proved difficult. Despite having significant equity, the bank declined her application.
After reviewing her situation, we identified a home equity loan solution that allowed her to buy out her former spouse's interest in the property. We worked with her lawyer and lender throughout the process and secured the financing needed to complete the buyout.
Result: Sarah remains in the family home and avoided having to sell the property during an already stressful time.
Case Study 2 | Durham Region
Paying Off a CRA Tax Lien in Durham Region
A Durham Region homeowner contacted us after receiving notice that the CRA had registered a lien against his property. He worked a regular salaried job, but a failed investment and unexpected tax bill left him owing more than $60,000.
His bank was unwilling to help while the CRA debt remained outstanding. After reviewing the equity available in his home, we arranged a home equity loan that provided enough funds to pay the CRA in full.
Result: The lien was cleared, collection pressure stopped, and the client was able to move forward without the constant stress of government enforcement action.
Case Study 3 | Debt Consolidation
Consolidating Debt and Stopping Collection Calls
John came to us after years of relying on credit cards and unsecured loans to make ends meet. By the time he reached out, he owed more than $90,000, was receiving collection calls daily, and had already been served with legal paperwork from one creditor.
His credit score had fallen, making bank financing impossible. We reviewed the equity in his home and arranged a home equity loan for debt consolidation that paid off all collection accounts and outstanding debts in full.
Result: Collection calls stopped, legal action was resolved, and John was left with one manageable payment and a plan to rebuild his finances.
or call 1-855-668-3074
Where We Serve
Turnedaway.ca arranges home equity loans across Canada. The cities below represent areas we serve regularly, but they are not an exhaustive list. We work with homeowners in every province and territory with the exception of Quebec, Newfoundland, Yukon, the Northwest Territories, and Nunavut.
Financing available from $25,000. Call us at 1-855-668-3074 or get started online today.
Frequently Asked Questions About Home Equity Loans in Ontario
What is a home equity loan?
A home equity loan is a lump sum loan secured against the value of your property. You borrow against the equity you have built up and repay it over a fixed term. Unlike a home equity line of credit, a home equity loan gives you all the funds upfront at a fixed rate.
Can I get a home equity loan with bad credit in Ontario?
Yes. Turnedaway.ca works with lenders who approve based on your home equity, not your credit score. Missed payments, collections, consumer proposals, and past bankruptcies do not automatically disqualify you. The equity in your home is the primary approval factor.
How much can I borrow with a home equity loan?
The amount depends on your property value, your existing mortgage balance, and the lender's maximum loan-to-value ratio. Turnedaway.ca does not arrange deals above 80% LTV. Use our home equity loan calculator for a personalized estimate. Financing starts at $25,000.
What is the difference between a home equity loan and a second mortgage?
A second mortgage is a type of home equity loan that sits behind your existing first mortgage in priority. All second mortgages are home equity loans, but not all home equity loans are second mortgages. If you have paid off your first mortgage, the home equity loan becomes the first charge on title.
Do I need income verification to get a home equity loan?
No. The lenders in our network do not require proof of employment or income verification. Whether you are self-employed, retired, between jobs, or on disability, you can qualify based on your home equity alone.
How long does it take to get a home equity loan?
Approvals typically happen within 24 to 48 hours. Full funding including appraisal and legal work usually takes 5 to 10 business days once all documentation has been received. In urgent situations such as a pending power of sale, some files can close faster.
Can I use a home equity loan to consolidate debt?
Debt consolidation is one of the most common uses for a home equity loan. By paying off high-interest credit cards, car loans, and unsecured debt with a single lower-rate loan, many clients reduce their monthly payments significantly and eliminate collection pressure.
What does a home equity loan cost?
The full cost includes the interest rate, lender fee, broker fee, legal fees, and in most cases an appraisal fee. Turnedaway.ca provides a full written cost breakdown before you commit to anything, and we subsidize appraisal costs wherever possible. For a general overview of mortgage costs, visit Canada.ca.
Can a home equity loan stop a power of sale?
Yes. A home equity loan can provide fast access to funds to pay out mortgage arrears and stop a power of sale before it completes. Time is critical, so contact us immediately if you have received a Notice of Sale.
Is a home equity loan the same as a mortgage refinance?
No. A mortgage refinance replaces your existing mortgage with a new one. A home equity loan is a separate loan registered against your property in addition to your existing mortgage. Many clients use a home equity loan as a bridge while they improve their financial situation before refinancing.
Get Approved for a Home Equity Loan in Ontario
Complete our secure online application today and get a response within 24 hours. Financing available from $25,000, with no obligation and full transparency on cost.
Get Approved Nowor call 1-855-668-3074