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Versatile Line of Credit

Who should get this financing solution?

Ideal if you want to borrow against the equity in your home at an attractive interest rate. This mortgage-secured line of credit is an excellent choice that allows you to borrow up to 80% of the market value of your property. Easy to use and flexible, it can be used to manage all your credit needs.

How does it work?

Once documents are signed in the presence of a notary and your line of credit limit is established, you no longer have to apply for additional cash advances. You can draw on your line of credit at any time to cover large expenses such as renovations, studies, the purchase of a vehicle, RRSP contributions or to consolidate your loans at an attractive interest rate. Cash advances taken out against the line of credit can be converted at any time into term loans or separate mortgages (in amounts of $15,000 or more).

Diversify your mortgage¹

A mortgage is often the most important investment you’ll make in your lifetime, just as important and sometimes even more so than retirement savings. And just like savings, it’s also important to diversify risk based on your needs, tolerance to rate fluctuations and financial capacity. The Versatile Line of Credit also allows you, if you wish, to customize and diversify your mortgage by splitting it up into 2 or 3 smaller loans at different interest rates, terms, maturity dates and amortization periods.

To find out more, see 2 examples of how the Versatile Line of Credit can be used:

• by a new buyer
• by a long-time owner

Features

Interest rate	Variable rate lower than a personal line of credit. Varies based on prime rate. See prime rate Interest is calculated on the daily balance so you only pay interest on the amount used. For current rates, contact a caisse advisor or mortgage representative.
Amount available	Minimum line of credit of $25,000. Financing for up to 80% of the value of your home.
Repayment	Loan payment frequency is flexible: daily, weekly or monthly. You can choose to pay: a percentage of the monthly balance; a fixed or variable amount; or just the monthly interest. No prepayment penalties: Pay off your loan whenever you want, in part or in full, without being charged extra fees.
Access to funds	At an ATM, online via AccèsD Internet, by phone at 1-800-CAISSES, by cheque or at your caisse. Use special cheques to directly access your line of credit without affecting the balance of your personal chequing account.
Possible uses	Meet unexpected expenses or deal with a temporary lack of funds. Diversify your mortgage. Renew your mortgage Finance your projects. Renovate your home. Manage your loans.
Other	Line of credit transactions appear on your monthly statement of account. Loan Insurance - Versatile Line of Credit (life and disability) available. Find out more about Loan Insurance - Versatile Line of Credit.

	Online	Fill out the form An advisor will contact you to help you choose the mortgage that best suits your needs.
	At the caisse	Make an appointment with a caisse advisor: online by phone Documents to bring to your meeting.
	Through a mortgage representative	Make an appointment for a house call. Representatives can meet with you at your convenience, 7 days a week: Find a mortgage representative

1. Mortgage diversification also available for mortgages with 80% to 95% loan-to-value ratios under certain conditions.