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Versatile Line of Credit - A home equity line of credit

Versatile Line of Credit - A home equity line of credit

Your home does the financing

Renovate your home, buy a car, pay your tuition, contribute to your RRSP, save for the unexpected or carry out any other project by using your home as financial leverage.

Get this product - Versatile Line of Credit

Key features

  • Attractive, variable rate Variable rate lower than that of a Personal Line of Credit
  • Amount available Up to 65% of the purchase price or market value of your property1
  • Flexible payment options You choose the payment frequency and method
  • Quick and autonomous access to funds At an ATM, by cheque, online or by phone

See line of credit rates

How it works

The Versatile Line of Credit is secured by a mortgage. It lets you use up to 80% of the value of your home in the form of a line of credit2, with a possible limit of up to 65%3 of your home’s purchase price or market value.

Advances are available when you need them, no authorization needed, and at a very attractive rate.

The Versatile Line of Credit meets various needs

  • Renovate and repair your home.
  • Pay for unexpected expenses.
  • Carry out projects.
  • Contribute to your RRSP if you have unused contribution room.
  • Manage your mortgage and pay it off faster.
  • Split your mortgage if you want to share the repayment with your co-borrower and for each to pay off their share their own way.
  • Consolidate loan, credit card and line of credit balances to save on interest charges and to free up savings.

Features

Interest rate

  • Rate lower than that of a Personal Line of Credit.
  • Varies based on the prime rate plus a percentage.
  • Calculated on the daily balance so you only pay interest on the amount used.

Amount available on the Versatile Line of Credit

The amount available on your Versatile Line of Credit builds up gradually as you pay off your mortgage and other loans linked to the Versatile Line of Credit.

Payment options

  • Daily, weekly or monthly frequency.
  • You can choose to pay:
    • a percentage of the monthly balance
    • a fixed or variable amount
    • monthly interest only
  • Full or partial prepayment, at all times, without penalty.
  • At all times, you can convert your Versatile Line of Credit balance, in part or in full, into a linked mortgage or personal loan, to enjoy fixed rates and payments.

Access to funds

  • At an ATM.
  • By regular cheques or special cheques linked to your line of credit.
  • On AccèsD.
  • At your caisse (on site, by phone or via email in your secure AccèsD message box).

When to get the Versatile Line of Credit

  • When your mortgage is granted.
  • When your current Desjardins mortgage is renewed or mid-term, without notary involvement or notary fees4.

Get preauthorized

What is the preauthorization certificate for?

  • Displays the maximum price of the house you can afford to buy
  • Shows you are a serious buyer and your purchasing capacity
  • Simplifies communication with the seller or real estate broker

3-step preauthorization

  1. Determine your financing needs with one of our advisors.
  2. Get a prompt answer.
  3. Get the loan terms and a preauthorization certificate upon approval.

View a preauthorization certificate sample (PDF, 166 KB) - Cet hyperlien s'ouvrira dans une nouvelle fenêtre..

Make an appointment

Montreal area:
514-745-9499

Elsewhere in Canada and the U.S.:
1-844-626-2476

Contact an advisor

Documents you need for your meeting

Through a mortgage representative

Ready to buy? An advisor can come meet with you any day of the week.

Find a mortgage representative

  1. In addition, a maximum of up to 15% can be granted in the form of linked loans with periodic principal and interest repayment options.
  2. 20% downpayment or equity built up required.
  3. Minimum authorized limit of $25,000. At any time, the line of credit’s balance (or unused amount) can be converted in full or in part into linked loans with periodic principal and interest repayment options, depending on your needs.
  4. For Desjardins mortgage holders whose mortgage deed was issued after 2008.

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