Home Equity Line of Credit
EVERYTHING YOU NEED TO KNOW
- Higher limits available than unsecured lines of credit
- Eligible for lower interest rates than most credit cards or other lines of credit
- Variable interest rate based on Prime
- Interest only payments are available
- Eligible for Creditor Insurance
- Access to the funds the same way as a regular chequing account
WHAT’S IN IT FOR YOU?
- The Home Equity Line of Credit allows you access to the equity in your home on a revolving basis. Once the funds are in place, you can access the funds as you see fit. There is no need to re-apply.
- With the higher limits available, it can provide buying power and financial freedom.
- It’s a great way to pay for home renovations, investing in your retirement nest egg, and to go on that trip that you’ve always wanted. As the funds are secured by your mortgage, the cost of borrowing can be reduced in the form of lower interest rates. This gives you more disposable income for what you want to do.
- Interest only payments make budgeting easier as your payment stays low. Plus, you are only paying interest on the funds that are in use.
- Creditor Insurance is also available to give you the peace of mind that your assets and credit score are protected in case something unexpected happens, because the insurance will make the payment for you.
- The funds are also accessible in ways that are similar to your daily chequing account. You can use online or telephone banking, cheques, Debit Cards or come in and see one of our Financial Service Officers.
The Small Print
- On approved credit only
- Interest rates vary per application
- Borrowed funds need to be invested with either LVCU or with Credential
- Legal Disclaimer:
- Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.