Versatile Line of Credit

Who should get this loan?

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.

How does it work?

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:

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

Features

Interest rate	Variable rate lower than a personal line of credit. Interest is calculated on the daily balance so you only pay interest on the amount used. Equivalent to 1.0% above prime rate. See the current prime rate.
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. Finance your home. Finance your projects. Renovate your home. Manage your loans.
Other	Line of credit transactions appear on your monthly statement of account. Line of Credit Insurance (life and disability) available. See Line of Credit Insurance.

	Online (Members)	Fill out the form
	At the caisse	Make an appointment with a caisse advisor: online by phone
		Documents to bring to your meeting.

1. Market value of your property minus the amount you still owe on your mortgage.