Deciding to apply for a home equity loan is a smart first step toward tapping into your home’s value. Whether you’re planning a renovation, consolidating debt, or covering unexpected costs, knowing what comes next makes the process easier and less stressful.
At Calgary Equity Loans, we streamline everything from paperwork to approvals—no guesswork. Here’s what you can expect when you choose to apply for a home equity loan with us.
1. Initial Research and Prequalification
a. Check your equity
Before you apply, get a sense of your home’s value and mortgage balance. For example, if your house is valued at $600,000 and you owe $380,000, you have $220,000 in equity—about 37%.
b. Prequalification step
Contact us via our website or by phone. We’ll gather basic information to see if you meet the minimum equity threshold (usually around 20%) and have repayment ability.
Once we’re aligned, it’s time to officially apply for a home equity loan.
2. Submitting Your Application
Applying takes just a few minutes. You’ll provide:
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Basic personal information (name, address, etc.)
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Property details (type, value, mortgage balance)
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Loan amount you want
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General info about your income or repayment plan
After submission, a team member contacts you to confirm details and answer questions.
The online application is quick—but it marks the beginning of something powerful.
3. Document Collection
To apply for a home equity loan, you must gather key documents. These include:
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Proof of identity (driver’s license or passport)
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Property ownership (current mortgage statements or title search)
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Home valuation (appraisal or recent assessment)
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Income evidence (employment letter or pay stubs)
Once submitted, we review them promptly. Document clarity and accuracy speed up your approval.
4. Appraisal and Equity Assessment
With your docs in hand, we set up a professional property appraisal or refer to current market evaluations. The appraiser examines:
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Property size and condition
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Year built and neighbourhood comps
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Recent upgrades or damage
Once complete, we calculate your Loan-to-Value (LTV) ratio and determine how much you can borrow.
5. Conditional Approval
After reviewing your documents and the appraisal, we issue a conditional approval. This includes:
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Pre-approved loan amount
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Fixed interest rate
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Repayment term (typically 5–20 years)
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Estimated fees (appraisal, legal, registration)
We prepare these terms clearly so you know exactly what you’re signing.
6. Legal Process with a Lawyer
Because your property backs the loan, a lawyer must register the second mortgage on your title—a legal safeguard for all parties.
Here’s how it works:
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We send the agreement and terms to a trusted local lawyer.
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The lawyer reviews all documents and explains your options.
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You sign the paperwork—either with our lawyer or your own.
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The lawyer registers the mortgage on title and releases the funds.
This part of the process typically takes 3 business days after you’ve agreed to the terms.
7. Funds Disbursement
Once the mortgage is registered, funds are transferred directly to your bank—or, if you’re refinancing or consolidating, paid where needed (e.g., renovation contractor, lender payoff).
Total time from application to funding typically ranges from 7–10 business days—sometimes faster if all documents are in order.
8. Repayment Begins
With funds in hand, you start regular monthly payments based on a fixed interest rate and term.
Advantages include:
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Predictable payment amounts
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A fixed end date (no ongoing revolving credit)
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Interest may be tax-deductible if used for renovations
We help establish a schedule that matches your budget and financial goals.
9. Ongoing Support
Our relationship doesn’t end at funding. We offer:
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Clear monthly statements
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Answers to repayment questions
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Assistance with refinance or payoff discussions
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Advice on maintaining healthy equity
At any point, just reach out—we’re here to help.
Timeline Overview
| Step | Typical Timeline |
|---|---|
| Prequalification & Application | 1–2 days |
| Document Submission | 1–3 days |
| Appraisal & Equity Review | 3–5 days |
| Conditional Approval | Immediately after review |
| Lawyer Registration | 2–3 business days |
| Funds Disbursement | Within 24 hours after registration |
Total from start to finish: 7–10 business days.
Common Questions When You Apply
Q. How much can I borrow?
A. Typically up to 80–85% of your home’s value, minus any existing mortgage balance.
Q. What fees should I expect?
A. Appraisal, legal review, title registration—these usually total a few thousand dollars but are clearly outlined upfront.
Q. Can I use my own lawyer?
A. Absolutely. You can stick with your advisor or use our trusted legal partners.
Q. I have bad credit—is that okay?
A. Yes. We focus on equity and repayment ability more than credit score, making loans available to homeowners turned down by banks.
Why Choose Calgary Equity Loans
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Fast approvals—Often funded in 7–10 business days
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Flexible lending—We consider all home equity, not just credit score
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Local knowledge—We know Calgary-area values and conditions
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Clear process—Transparent terms, no hidden fees
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Personalized service—Direct support from application to payoff
When you apply for a home equity loan, you’re using a legal, structured path to access your home’s value. It’s predictable, practical, and can help you move forward—whether that means paying off debt, doubling your kitchen, or covering a big life expense.
At Calgary Equity Loans, we remove the mystery—from paperwork to payouts. If you’d like to begin the journey, visit our site, fill in the quick form, or give us a call. We’ll walk you through every step.
A well-planned home equity loan could be just what you need to move your plans from idea to reality—quickly, clearly, and locally.
