Caisses Desjardins du Québec and Caisses populaires de l'Ontario [Change site]
Borrowers who want to use the equity1 in their home to get a lower interest rate than a traditional line of credit. This secured line of credit is an excellent choice if you can make a downpayment of more than 20% or if you have paid off more than 50% of the value of your home. You must be willing to pledge your property as collateral.
Once 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 or to pay off your loans. A home equity line of credit is particularly useful if you want to easily consolidate your debt by grouping your loans at a better rate or if you want to split up your mortgage to vary payment dates and interest rates. 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).
See 2 examples of how the Versatile Line of Credit can be used:
Interest rate |
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Amount available |
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Repayment |
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Access to funds |
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Possible uses |
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Other |
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(Members) |
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Documents to bring to your meeting. |
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1. Market value of your property minus the amount you still owe on your mortgage.
Amount |
Rate |
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$5,000 to $12,500 |
9.75% |
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