Home Equity Loans in Windsor

Convert home equity into money you can access for debt consolidation, home repairs, large expenses and more. Apply for a home equity loan up to $400,000 online or at your local branch in Windsor.

Windsor Branches

Fairstone 2601 Lauzon, Parkway, Unit 625

km

Suite

Windsor, ON N8T 3M4

Branch # 640726

519-944-2666

Directions More Details

X

Fairstone 2991 Longfellow Ave.

km

Suite

Windsor, ON N9E 2L3

Branch # 640814

226-826-0357

Directions More Details

X

Use our locator to find a location near you or browse our directory.

Fairstone 2601 Lauzon, Parkway, Unit 625

km

Suite

Windsor, ON N8T 3M4

Branch # 640726

519-944-2666

Directions More Details

X

Fairstone 2991 Longfellow Ave.

km

Suite

Windsor, ON N9E 2L3

Branch # 640814

226-826-0357

Directions More Details

X

Benefits of a home equity loan

Money you can access

Home equity can be a source for financing, providing homeowners with maximized borrowing power.

Lower interest rate

Access lower interest rates compared to credit cards and unsecured personal loans.

Fixed interest rate

A fixed interest rate over a set repayment period means your monthly payment won’t change.

Longer repayment terms

Spread loan payments out over time with loan terms ranging from 1-5 years and amortization periods up to 30 years.

Home equity loan options

Secured personal loan

Secure your personal loan using home equity to access a lower interest rate and more money compared to an unsecured loan.

Loan amount: $5,000-$60,000

Amortization period: Up to 10 years

Term: 3-10 years

Benefits:

Lower loan amounts
Quicker home equity loan application process
Shorter repayment term
Fixed interest rate

Learn more about secured loans

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woman banking with Fairstone from her computer

Second mortgage

Maintain your existing mortgage and take out a second mortgage to access additional funds by leveraging your home equity.

Loan amount: Up to $125,000

Amortization period: Up to 20 years

Term: 1-5 years

Benefits:

High borrowing limit
Doesn’t affect the first mortgage – no change in terms
Flexibility to choose your own term from 1-5 years
Fixed interest rate

Learn more about second mortgages

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Mortgage refinancing

Take out a new first mortgage to pay off your existing mortgage. Your new mortgage can be for a larger amount than your previous mortgage, giving you access to additional funds.

Loan amount: Up to $400,000

Amortization period: Up to 30 years

Term: 1-5 years

Benefits:

Higher borrowing limit and lower interest rate
Only one reoccurring mortgage payment
Flexibility to choose your own term from 1-5 years
Fixed interest rate

Learn more about mortgage refinancing

GET A LOAN QUOTE

applying for a loan with Fairstone from a phone

Home equity loan tools and resources

Home equity loan calculator

Use our home equity loan payment calculator to estimate monthly payments on a second mortgage or mortgage refinancing.

CALCULATE PAYMENTS

How to get a loan from Fairstone

Familiarize yourself with the application process and necessary documents needed to get a home equity loan.

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Fairstone: A Trusted Canadian lender

As a trusted Canadian lender for nearly 100 years, Fairstone is committed to providing financial products and services that enable Canadians to achieve their goals.

Whether you get a loan online or in branch, you’ll receive one-on-one service from a knowledgeable Lending Specialist. Our team is available when you need us, from coast to coast.

How to get a home equity loan

Contact your branch

Call or visit your local branch to start a homeowner loan application. You can also start with a loan quote but will need to let your Lending Specialist know you’re interested in a loan secured against home equity.
Discuss your options with a Lending Specialist

Your Lending Specialist will explain our secured personal loan and mortgage refinancing options, and walk you through the application process.
Complete the loan application

Once you have submitted your documents and been approved, you’ll have access to your home equity loan. Typically processing time is 3-5 days.

CONTACT YOUR BRANCH

Home equity loan FAQ

How can you tap into home equity?

Homeowners have four options for tapping into home equity:

Secured personal loan: A loan that requires some type of collateral, typically your house, to secure the loan. The collateral serves as a guarantee to the lender that they will be able to recover their money if you are unable to repay the loan. This option may be preferable if you’re looking to borrow a smaller sum of money quickly but want a lower interest rate than offered on an unsecured personal loan.
Second mortgage: A lump-sum loan based on the amount of equity you have in your home. The loan is paid back over a set period of time, with fixed monthly payments. A second mortgage may be preferable if you need to borrow a large sum of money, such as for home renovations or debt consolidation, but don’t want to adjust your existing mortgage.
Home equity loan of credit (HELOC): A revolving line of credit that allows you to borrow up to a certain limit, pay back the borrowed amount and then borrow again as needed. This option may be preferable if you need to access money on an ongoing basis for home repairs or unexpected expenses.
Cash-out refinance: A type of mortgage refinancing that allows you to refinance your existing mortgage and take out additional cash in the process. This option may be preferable if you want to lower your interest rate or change the terms of your existing mortgage while accessing home equity, but you only want one mortgage.

How much can I borrow with a home equity loan?

If you meet the income, credit score and loan-to-value requirements, you could borrow money using the equity in your home. Fairstone can offer up to $60,000 on a secured personal loan, up to $125,000 on a second mortgage and up to $400,000 with a first mortgage or mortgage refinancing. All of these products are considered home equity loans.

What are the pros and cons of a home equity loans?

Consider the following pros and cons before you take out a home equity loan:

Pros:

Access to more funds: Home equity loans provide borrowers with greater borrowing power than unsecured credit products because they're backed by your home's equity.
Lower borrowing costs: Typically, home equity loans have lower interest rates compared to unsecured loans or credit cards, resulting in more affordable payments.
Predictable payments: Fixed interest rates ensure stable monthly payments over the loan term.
Longer terms: At Fairstone, home equity loan terms can range from 1-5 years and have amortization periods up to 30 years, allowing for manageable repayment schedules.

Cons:

Less flexibility: A home equity loan has fixed payments, which can be less flexible than a line of credit or credit card. Once the loan is paid back, you don’t have access to that money again without renewing your loan.
Lien on your home: Because there will be a lien placed on your home, if you cannot repay your loan your home could be at risk. You also need to pay off and close the loan if you sell your home.
Interest on the whole loan: When you take out a home equity loan, you will begin to pay interest on the whole loan amount. It’s important to only borrow what you need to avoid paying unnecessary interest.

Interested in learning more about loans?

Try a personalized loan quote or explore our financial tools and resources including loan calculators, FAQs, blogs, videos and more.

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View legal footnotes

Loan offers are only valid if you meet our current credit standards. Offers provided to users who complete a loan quote are for an unsecured personal loan only.

Unsecured personal loans:

Interest Rates on unsecured personal loans range from 26.99% - 39.99%, with a minimum loan term of 6 months and maximum term of 60 months. Your actual Annual Percentage Rate (APR) will vary based on province of residence and individual factors like the details of your credit report and loan amount. Maximum APR 39.99%.

An example of a $10,000 unsecured personal loan: APR of 39.49%, 60-month term, monthly payment of $384.14 including principal and interest.

Newfoundland and Labrador (NL) Residents ONLY: Fairstone’s unsecured personal loans are registered as a high-cost credit product in NL. Annual interest rates on these unsecured personal loans range from 26.99%-39.99%. A non-sufficient funds (NSF) charge of $45 may be applied to returned payments due to non-sufficient funds; if you incur two NSFs within a three-month period or three NSFs within a 12-month period, restrictions to non-cash payments, including the cancellation of AutoPay, will apply. An unsecured personal loan may be cancelled within 14 days of signing the agreement, in accordance with section 83.16 of the Consumer Protection and Business Practices Act (NL). NL License is pending.

Secured personal loans and mortgages:

Interest Rates on secured personal loans range from 19.99%-25.99%, with a minimum loan term of 36 months and a maximum term of 120 months. Interest Rates on mortgage loans range from 14.99%-20.25%, with a minimum loan term of 12 months and a maximum term of 60 months, and amortization periods up to 25 years. Your actual APR will vary based on individual factors including province/territory, the details of your credit report and financial situation, loan type and services provided in order to secure the loan including administration fee, appraisal fee, title fee and solicitor/notary fee. All fees are included in your loan contract and explained to you by our Lending Specialists.

An example of a $40,000 secured personal loan: APR 23.26%, 120-month term, monthly payment of $861 including principal and interest.

An example of a $90,000 mortgage: APR 18.94%, 60 month term, 20 years amortization, monthly payment of $1,371 including principal and interest.

Fairstone is a provider of personal loans and mortgages and is headquartered at 630 René-Lévesque Blvd W, Montreal, Quebec H3B 1S6, Telephone Number 800-995-2274.

In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage #10821. In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.

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