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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.
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).
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:
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1. Mortgage diversification also available for mortgages with 80% to 95% loan-to-value ratios under certain conditions.
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Various loans and terms |
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