Reduce your debt interest charges using your home equity

Credit is a tool to be used with care. It's important to keep your debts in control and manage them well. So, the results of this calculation tool are based on the following assumptions:

• Available home equity must be greater than 20% of the current value of your property and the amount that exceeds 20% must be enough to cover the remaining balances of all your non-mortgage loans (step 2).
• When the total of your auto loans is greater than $15,000, your auto loans are converted to a personal loan connected to your Versatile Line of Credit (home equity line of credit). If you have more than one auto loan, the balances are combined. The loan term is equal to whichever term is closest to the remaining amortization period (or to the weighted remaining amortization if you have more than one auto loan).
• Personal loan balances are consolidated into the Versatile Line of Credit in the same way as auto loan balances.
• Credit card and line of credit balances are also consolidated into a Versatile Line of Credit. When their total balance is greater than $15,000, they are consolidated into a 5-year personal loan connected to the Versatile Line of Credit. In both situations, we encourage you to repay your balance within 60 months to reduce interest costs.
• Loan balances are only consolidated into a Versatile Line of Credit if interest rates and costs would be more beneficial than in your current situation.
• Interest cost reductions and overall payment reductions are estimated based on the shortest term or amortization period of all your loans.

The loan set-up presented by this tool is only an example of how you could use the Versatile Line of Credit (home equity line of credit) to reduce your interest costs. Meet with a Desjardins advisor to optimize this loan set-up based on your borrower profile and your ability to repay.