80% Home Equity line of credit now offers more flexibility

We offer Home Equity Line of Credits (HELOC) up to 80% LTV, so homeowners can enjoy access to additional funds with more flexibility and convenience. Lines of credits have become an innovative way to finance your home purchase. With as little as 20% down you can utilize a line of credit on your home. In the past clients had to put down 25%. This new line of credit is fully open for repayment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, child’s education, or debt consolidation. You can borrow and pay back as much as you need, up to your credit limit, and pay interest only.

80% Home Equity Line of Credit:

• LTV Maximum: Up to 80% Canada Wide
• Terms: Interest only payments
• Rate: Variable rate, floats based on Prime

Home Equity Line of Credit Example:
‘Loan-to-value’ (LTV) is the relationship between the principal balance of a mortgage and the property value. If your home is valued at $300,000 with a $270,000 line of credit, you have a 90% LTV.

Purchase Price:	$300,000.00
Down Payment (20%):	$60,000.00
HELOC (80%):	$240,000.00
Total HELOC  (92.25%):	$276,075.00
Prime Rate: 3.0%
Monthly Payment (interest only):	$596.28

There is no insurance cost if the loan to value is 80% or less.