Versatile Line of Credit
Who should get this loan?
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.
How does it work?
Once documents are signed in the presence of a lawyer or at the Caisse populaire, 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 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:
- 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.
- Minimum line of credit of $25,000.
- Financing for up to 80% of the value of your home.
- 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 cheque or at your caisse.
- Meet unexpected expenses or deal with a temporary lack of funds.
- Finance your home.
- Finance your projects.
- Renovate your home.
- Manage your loans.
- Line of credit transactions appear on your monthly statement of account.
- Line of Credit Insurance (life and disability) available.
- See Versatile Line of Credit Insurance.