Can You Get a Home Equity Loan? Here’s What Ontario Homeowners Need to Know

If you own a home in Ontario—especially in the GTA—chances are, you’ve built up equity over the years. Whether you’re planning a renovation, consolidating other loans, or covering a major expense, tapping into your home’s equity might be the most practical move you can make.

But can you get a home equity loan? And if you can—should you? At Tribecca, we’ve spent over two decades helping homeowners across Toronto and beyond answer that exact question. Let’s walk through how home equity loans work, what to consider, and why more Ontarians are turning to us when it’s time to unlock the value in their homes.

A home equity loan allows you to borrow against the market value of your home, minus what you owe on your primary mortgage or existing mortgage. That difference—the equity you’ve built—is what determines your credit limit.

In most cases, you can borrow up to 80% of your home’s appraised value, less the outstanding balance of your mortgage. Some homeowners also explore a second mortgage to access additional funds. Whether it’s a new loan or a second position behind your original mortgage, we’ll help you understand your options clearly.

Unlike an equity line of credit or home equity line (HELOC), which gives you flexible access during a draw period, a home equity loan delivers a one-time lump sum, typically at a fixed interest rate (although variable rates are available too), with a structured repayment period. For borrowers who prefer stability and predictability, it’s often the better fit.

Everyone’s financial situation is different. If you’re self-employed, earning seasonal income, or have had credit challenges, we understand that doesn’t tell the whole story.

Banks tend to favor a narrow borrower profile. At Tribecca, we look beyond that. While we review credit and income, we also consider the broader picture—your home’s value, your repayment goals, and your overall personal finance plan.

We don’t take a one-size-fits-all approach. We’ll talk through your needs, assess the equity you’ve built, and help structure a solution that gives you more flexibility—and in many cases, more money—than traditional lending options.

Clients come to us for all sorts of reasons. Some want to invest in home improvements they’ve put off for years. Others are looking to save money by consolidating personal loans, credit cards, or high-interest debt. We’ve worked with families managing educational costs, unexpected medical expenses, and even business opportunities.

The common thread? They need clarity. With a home equity loan, you know exactly how much you’re borrowing, what your monthly payments will be, and when the loan will be repaid. It’s ideal when the expense is defined—and significant.

Borrowing against your home is a serious decision. It’s important to weigh the interest rate—whether fixed or variable rate—against your timeline and financial goals. Make sure you understand the repayment period, any legal or closing costs involved, and how the loan complements your long-term strategy.

A home equity loan isn’t the right answer for every situation. But when it fits, it can unlock options that give you breathing room and better control over your finances. And we’re here to help you figure that out.

Our guidelines are more flexible than the banks, and we provide quick access to funds. We’re a direct lender based in Toronto, serving homeowners throughout Ontario for more than  25 years.

We’ve earned our reputation by being clear, consistent, and flexible. We understand that income isn’t always traditional. That your credit history might be complex. That life doesn’t always line up with policy.

Our job is to listen, not judge—and to offer lending solutions built for real life. Whether that’s a home equity loan, a second mortgage, or simply advice you can trust, we’re here for the conversation.