You’ve built up 12% equity in your home.
Typically, Canadian lenders require at least 20% home equity for most home equity loan products.
Home market value: $20,000
Home equity you own: $100,000
(Home value) - (Remaining mortgage)
Maximum borrowing power: N/A
(80% of home value) - (Remaining mortgage)
Explore other options
While you are not eligible for home loan products, you may qualify for other loans. Check out these other options that might be a better fit for you below.
Loans Canada
Best rates for person loan