Compare borrowing options for Canadian homeowners
With our standout low rates, flexible terms, fast and efficient service, and our long term approach to considering your financing needs, we are confident in saying Cannect offers the best borrowing option for Canadian homeowners.
Take a look for yourself.
Borrowing options for homeowners
CannectFlex loan
A fast, flexible-term home equity loan that sets you up to save when it’s time to renew your mortgage.
Loan amount
$25k – $1 million
Typical interest
5.49 – 9.99%
Typical fees
Moderate
Terms
Flexible
Time to close
As fast as 24 hours
Credit/income requirements
Flexible
Documentation
Minimal
Home equity line of credit (HELOC)
Available credit that you may use on an as needed basis, but may lead to an increased mortgage rate when it’s time to renew.
Loan amount
$5k – $500,000k
Typical interest
3.85% – 7%
Typical fees
Low
Terms
Strict
Time to close
A week or more
Credit/income requirements
Strict
Documentation
Substantial
Competitor private 2nd mortgages and 3rd mortgages
A home equity loan at a higher interest rate than your current mortgage, from competitors who don’t have your long-term savings in mind.
Loan amount
$25k to $1 million or more
Typical interest
2.49 – 3.25%
Typical fees
High
Terms
Strict
Time to close
A week or more
Credit/income requirements
Strict
Documentation
Substantial
Competitor 2nd mortgages and home equity loans
A home equity loan at a higher interest rate than your current mortgage, from competitors who don’t have your long-term savings in mind.
Loan amount
$25k – $1 million
Typical interest
7 – 11%
Typical fees
High
Terms
Strict
Time to close
A few days or longer
Credit/income requirements
Moderate
Documentation
Moderate
Stricter rules in 2018 mean more costly borrowing today. We’re here to help.
We know millions of Canadian homeowners just like you are finding it more and more difficult to borrow money, whether you are looking to consolidate your debts into a more manageable monthly payment, renovate your home, or make an investment.
Without certain income and credit requirements, it is very difficult to borrow money from the big banks, with RBC, Scotiabank, BMO, and TD becoming more and more restrictive with their lending.
While there are still many alternative loan options to choose from, they often involve locking you into inflexible, higher rate borrowing that will cost you tens of thousands of dollars in fees and added interest.
As homeowners, we launched Cannect to provide the kind of flexible, high-value service we believe every Canadian deserves.
