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Is this line of credit for you?
Main feature: Mortgage-secured line of credit
Interest rate: premium rate, lower than that of a regular personal line of credit.
Amount available: Minimum of $25,000, and up to 80% of the value of your home.
Access to funds: Once the amount of your line of credit is set, you may use it according to your needs, no additional authorization required
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).
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See these 2 exemples of how the Versatile Line of Credit can be used for a new buyer and a long-time owner.