{"id":5376,"date":"2019-05-16T10:08:32","date_gmt":"2019-05-16T14:08:32","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5376"},"modified":"2019-06-05T15:08:37","modified_gmt":"2019-06-05T19:08:37","slug":"possible-uses-versatile-line-of-credit","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/home\/possible-uses-versatile-line-of-credit\/","title":{"rendered":"Possible uses \u2013 Versatile Line of Credit"},"content":{"rendered":"<p>How can you manage all your credit needs with the Versatile Line of Credit?<\/p>\n<h2>Possible uses \u2013 Long-time Owner<\/h2>\n<p>To better understand the advantages of this line of credit, let\u2019s look at Jason Fisher\u2019s financial summary.<\/p>\n<p><strong>Value of the home<\/strong>: $250,000<br \/>\n<strong>Mortgage<\/strong>: $60,000<\/p>\n<table data-wrap-id=\"table-id-xeeqj\">\n<tbody>\n<tr data-wrap-id=\"table-row-swunc\">\n<td data-wrap-id=\"table-cell-hrowo\"><strong>Credit situation<\/strong><\/td>\n<td data-wrap-id=\"table-cell-antku\"><strong>Line of credit available<\/strong><\/td>\n<td data-wrap-id=\"table-cell-npyiq\"><strong>Total financing used<\/strong><\/td>\n<td data-wrap-id=\"table-cell-mvswh\"><strong>Average interest rate<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-gtgoi\">\n<td data-wrap-id=\"table-cell-dogrp\">Without Versatile Line of Credit<\/td>\n<td data-wrap-id=\"table-cell-mlbhj\"><strong>10 000 $<\/strong><br \/>\napplication required for additional credit<\/td>\n<td data-wrap-id=\"table-cell-ixepd\"><strong>99 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-kynkv\"><strong>8,53 %<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-ccquq\">\n<td data-wrap-id=\"table-cell-meryc\">With Versatile Line of Credit<\/td>\n<td data-wrap-id=\"table-cell-aderz\"><strong>101 000 $<\/strong><br \/>\nfinancing managed by John<\/td>\n<td data-wrap-id=\"table-cell-bnjsd\"><strong>99 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-soilv\"><strong>6,32 %<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Annual savings with the Versatile Line of Credit:<\/strong>\u00a0Over $2,000.<\/p>\n<h3>Without the Versatile Line of Credit<\/h3>\n<p>Without the Versatile Line of Credit, Jason must apply each time he needs additional financing.<\/p>\n<table data-wrap-id=\"table-id-rcbfo\">\n<tbody>\n<tr data-wrap-id=\"table-row-aqfoi\">\n<td data-wrap-id=\"table-cell-xdpal\"><strong>Credit products<\/strong><\/td>\n<td data-wrap-id=\"table-cell-vdren\"><strong>Amount<\/strong><\/td>\n<td data-wrap-id=\"table-cell-mvdnj\"><strong>Rate<\/strong><\/td>\n<td data-wrap-id=\"table-cell-kaqvj\"><strong>Term<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-stvwv\">\n<td data-wrap-id=\"table-cell-kquud\"><strong>Mortgage<\/strong><\/td>\n<td data-wrap-id=\"table-cell-crszh\">60 000 $<\/td>\n<td data-wrap-id=\"table-cell-nuriz\">Fixed \u00e0 5,90 %<\/td>\n<td data-wrap-id=\"table-cell-fqxbi\">5 years<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-wmxme\">\n<td data-wrap-id=\"table-cell-whfxx\"><strong>Auto loan (without insurance)<\/strong><\/td>\n<td data-wrap-id=\"table-cell-jcraa\">25 000 $<\/td>\n<td data-wrap-id=\"table-cell-wstrs\">Fixed \u00e0 12,50 %<\/td>\n<td data-wrap-id=\"table-cell-etczw\">5 years<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-bfvdw\">\n<td data-wrap-id=\"table-cell-rbtsp\"><strong>Personal Line of Credit<\/strong><\/td>\n<td data-wrap-id=\"table-cell-kjlwy\">10 000 $<\/td>\n<td data-wrap-id=\"table-cell-jfmoh\">Variable \u00e0 10,00 %<\/td>\n<td data-wrap-id=\"table-cell-yktns\"><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-smkvq\">\n<td data-wrap-id=\"table-cell-caory\"><strong>Credit card<\/strong><\/td>\n<td data-wrap-id=\"table-cell-yynum\">4 000 $<\/td>\n<td data-wrap-id=\"table-cell-thrtd\">Fixed \u00e0 19,40 %<\/td>\n<td data-wrap-id=\"table-cell-btprm\"><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-rusva\">\n<td data-wrap-id=\"table-cell-fzrhx\"><strong>Total financing :<\/strong><\/td>\n<td data-wrap-id=\"table-cell-kcrzz\"><strong>99 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-ggzwo\"><strong>Average rate of 8,53 %<\/strong><\/td>\n<td data-wrap-id=\"table-cell-wxnhl\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>With the Versatile Line of Credit<\/h3>\n<p>With the Caisse Versatile Line of Credit, Jason can redistribute his credit products and get much better rates since he took out security of mortgage with his financing.<\/p>\n<p><strong>Versatile Line of Credit<\/strong>\u00a0(financing available = 80% of the value of the home): $200,000<\/p>\n<table data-wrap-id=\"table-id-pilpc\">\n<tbody>\n<tr data-wrap-id=\"table-row-bhsgd\">\n<td data-wrap-id=\"table-cell-mzbpa\"><strong>New credit product distribution<\/strong><\/td>\n<td data-wrap-id=\"table-cell-tbkwt\"><strong>Amount<\/strong><\/td>\n<td data-wrap-id=\"table-cell-gztek\"><strong>Rate<\/strong><\/td>\n<td data-wrap-id=\"table-cell-zkxws\"><strong>Term<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-vhgaf\">\n<td data-wrap-id=\"table-cell-qyxvt\"><strong>Mortage<\/strong><\/td>\n<td data-wrap-id=\"table-cell-drrdp\">Tranche 1:<br \/>\n30 000 $<\/td>\n<td data-wrap-id=\"table-cell-uzjpf\">Variable r\u00e9duit \u00e0 4,50 %<\/td>\n<td data-wrap-id=\"table-cell-xnigj\">5 ans<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-fjaen\">\n<td data-wrap-id=\"table-cell-atpax\"><\/td>\n<td data-wrap-id=\"table-cell-kvnyp\">Tranche 2:<br \/>\n30 000 $<\/td>\n<td data-wrap-id=\"table-cell-hrtni\">Fixe \u00e0 5,90 %<\/td>\n<td data-wrap-id=\"table-cell-qxcmg\">5 ans<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-yojkg\">\n<td data-wrap-id=\"table-cell-wcbjv\"><strong>Versatile Line of Credit (variable portion of the Versatile Line of Credit)<\/strong><\/td>\n<td data-wrap-id=\"table-cell-iqhiw\">14 000 $ <strong>*<\/strong><\/td>\n<td data-wrap-id=\"table-cell-jzxst\">Variable \u00e0 5,00 %<\/td>\n<td data-wrap-id=\"table-cell-prhyp\"><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-bvzvw\">\n<td data-wrap-id=\"table-cell-ctduo\"><strong>Secured auto loan<\/strong><\/td>\n<td data-wrap-id=\"table-cell-lsbqf\">25 000 $<\/td>\n<td data-wrap-id=\"table-cell-cfobj\">Fixe \u00e0 9,75 %<\/td>\n<td data-wrap-id=\"table-cell-xqttk\">5 ans<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-byulg\">\n<td data-wrap-id=\"table-cell-dchev\">\n<p><strong>Total financing used:<\/strong><\/p>\n<p><strong>Financing still available:<\/strong><\/td>\n<td data-wrap-id=\"table-cell-giptd\">\n<p><strong>99 000 $<\/strong><\/p>\n<p><strong>101 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-prjrc\"><strong>Taux moyen de 6,32 %<\/strong><\/td>\n<td data-wrap-id=\"table-cell-kskym\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Jason doesn\u2019t have to apply again for additional financing; he can use the funds available as he wishes. In addition to a competitive rate, the Versatile Line of Credit lets him manage his projects or purchases independently from one another and gives him a realistic overview of his credit situation.<\/p>\n<p><span class=\"tiny\">* The line of credit and credit card were combined under the Versatile Line of Credit to take advantage of a better rate.<\/span><\/p>\n<h2>Example of use \u2013 New buyer<\/h2>\n<p>Choosing the Versatile Line of Credit to finance the purchase of a property gives borrowers the freedom to manage their current and future loans. Here\u2019s Paul Dupuis\u2019s financial summary.<\/p>\n<p><strong>Value of the home<\/strong>: $250,000<br \/>\n<strong>Mortgage<\/strong>: $191,000<\/p>\n<table data-wrap-id=\"table-id-pxkex\">\n<tbody>\n<tr data-wrap-id=\"table-row-dwbcj\">\n<td data-wrap-id=\"table-cell-akewf\"><strong>Credit situation <\/strong><\/td>\n<td data-wrap-id=\"table-cell-pujeg\"><strong>Total financing used <\/strong><\/td>\n<td data-wrap-id=\"table-cell-pupas\"><strong>Total monthly cost<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-svexn\">\n<td data-wrap-id=\"table-cell-nahzw\">Without Versatile Line of Credit<\/td>\n<td data-wrap-id=\"table-cell-lrnct\"><strong>209 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-xuzcp\"><strong>1 288 $<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-urwag\">\n<td data-wrap-id=\"table-cell-becqf\">With Versatile Line of Credit<\/td>\n<td data-wrap-id=\"table-cell-ckktq\"><strong>209 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-acxzk\"><strong>676 $<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>Situation de cr\u00e9dit sans marge Atout<\/strong><\/h3>\n<table data-wrap-id=\"table-id-kyiwe\">\n<tbody>\n<tr data-wrap-id=\"table-row-zjkww\">\n<td data-wrap-id=\"table-cell-mzevz\"><strong>Produits de cr\u00e9dit d\u00e9tenus<\/strong><\/td>\n<td data-wrap-id=\"table-cell-gyonf\"><strong>Montant<\/strong><\/td>\n<td data-wrap-id=\"table-cell-jmoqv\"><strong>Taux<\/strong><\/td>\n<td data-wrap-id=\"table-cell-wzgdk\"><strong>Terme<\/strong><\/td>\n<td data-wrap-id=\"table-cell-rkimm\"><strong>Co\u00fbt mensuel<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-dlcox\">\n<td data-wrap-id=\"table-cell-jjalp\">Pr\u00eat hypoth\u00e9caire<\/td>\n<td data-wrap-id=\"table-cell-dkbhb\">191 000 $<\/td>\n<td data-wrap-id=\"table-cell-jnhvg\">Fixe \u00e0 5,00 %<\/td>\n<td data-wrap-id=\"table-cell-svjqw\">5 ans<\/td>\n<td data-wrap-id=\"table-cell-exvbu\">668 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-vrrds\">\n<td data-wrap-id=\"table-cell-mlvbq\">Marge de cr\u00e9dit personnelle<\/td>\n<td data-wrap-id=\"table-cell-wnfnx\">5 000 $<\/td>\n<td data-wrap-id=\"table-cell-sorhm\">Fixe \u00e0 10,00 %<\/td>\n<td data-wrap-id=\"table-cell-dmonf\">Sur 2 ans<\/td>\n<td data-wrap-id=\"table-cell-bjagw\">230 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-qfbgk\">\n<td data-wrap-id=\"table-cell-mcvfs\">Carte de cr\u00e9dit<\/td>\n<td data-wrap-id=\"table-cell-ncvze\">4 000 $<\/td>\n<td data-wrap-id=\"table-cell-phytu\">Fixe \u00e0 17,00 %<\/td>\n<td data-wrap-id=\"table-cell-evcpf\">Sur 1 an<\/td>\n<td data-wrap-id=\"table-cell-ylumn\">390 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-xxjwm\">\n<td data-wrap-id=\"table-cell-vujol\">Financement total:<\/td>\n<td data-wrap-id=\"table-cell-acmcz\"><strong>209 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-vygxd\"><\/td>\n<td data-wrap-id=\"table-cell-pnsdw\"><strong>Co\u00fbt total mensuel: <\/strong><\/td>\n<td data-wrap-id=\"table-cell-sdmfe\"><strong>1 288 $<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Without the Versatile Line of Credit<\/h3>\n<p>With the Caisse Versatile Line of Credit, Paul can redistribute his credit products and, since he\u2019s applying security of mortgage to his financing, he gets a much better rate. This new distribution takes into consideration his tolerance to risk and ability to repay his debts.<\/p>\n<p><strong>Versatile Line of Credit<\/strong>\u00a0(financing available = 80% of the value of the home): $200,000<\/p>\n<table data-wrap-id=\"table-id-inmng\">\n<tbody>\n<tr data-wrap-id=\"table-row-srszu\">\n<td data-wrap-id=\"table-cell-qdhjm\"><strong>New credit product distribution <\/strong><\/td>\n<td data-wrap-id=\"table-cell-hvbwo\"><strong>Amount<\/strong><\/td>\n<td data-wrap-id=\"table-cell-hnjin\"><strong>Rate<\/strong><\/td>\n<td data-wrap-id=\"table-cell-admse\"><strong>Term<\/strong><\/td>\n<td data-wrap-id=\"table-cell-anits\"><strong>Monthly payment<\/strong><\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-gfubr\">\n<td data-wrap-id=\"table-cell-qijzj\">Mortage<\/td>\n<td data-wrap-id=\"table-cell-vnajy\">Portion 1 :<br \/>\n50 000 $<\/td>\n<td data-wrap-id=\"table-cell-ektts\">Reduced variable at 4,50 %<\/td>\n<td data-wrap-id=\"table-cell-qmice\">5 years<\/td>\n<td data-wrap-id=\"table-cell-tpiqq\">175 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-odwtr\">\n<td data-wrap-id=\"table-cell-nbwjz\"><\/td>\n<td data-wrap-id=\"table-cell-kqtra\">Portion 2 :<br \/>\n34 000 $<\/td>\n<td data-wrap-id=\"table-cell-xvmpc\">\u00ab 5 in 1 \u00bb at 5,30 %<\/td>\n<td data-wrap-id=\"table-cell-evkzs\">5 years<\/td>\n<td data-wrap-id=\"table-cell-lgxbj\">120 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-pabrk\">\n<td data-wrap-id=\"table-cell-eumqu\"><\/td>\n<td data-wrap-id=\"table-cell-nlhun\">Portion 3 :<br \/>\n107 000 $<\/td>\n<td data-wrap-id=\"table-cell-xfywq\">Fixed \u00e0 6,75 %<\/td>\n<td data-wrap-id=\"table-cell-vasxa\">5 years<\/td>\n<td data-wrap-id=\"table-cell-ekhwz\">381 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-wuvpg\">\n<td data-wrap-id=\"table-cell-ydqax\">Line of credit (variable portion of the Versatile Line of Credit)<\/td>\n<td data-wrap-id=\"table-cell-beett\">9 000 $<\/td>\n<td data-wrap-id=\"table-cell-zdaof\">Variable at 5,00 %<\/td>\n<td data-wrap-id=\"table-cell-knewr\"><\/td>\n<td data-wrap-id=\"table-cell-vtmzl\">0 $<\/td>\n<\/tr>\n<tr data-wrap-id=\"table-row-ufwaa\">\n<td data-wrap-id=\"table-cell-phjiz\"><strong>Total financing :<\/strong><\/td>\n<td data-wrap-id=\"table-cell-mjxnw\"><strong>209 000 $<\/strong><\/td>\n<td data-wrap-id=\"table-cell-xwzwe\"><\/td>\n<td data-wrap-id=\"table-cell-dtxbe\"><strong>Total monthly cost :<\/strong><\/td>\n<td data-wrap-id=\"table-cell-syaga\"><strong>676 $<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>The total monthly payment is significantly lower<\/strong>\u00a0because the interest rates are better and the member can decide to have longer amortization periods.<\/p>\n<h3>Did you know?<\/h3>\n<p>When you take out\u00a0<a href=\"https:\/\/www.caissealliance.com\/fr\/produits\/assurance-marge-de-credit\/\">Line of Credit Insurance<\/a>\u00a0or\u00a0<a href=\"https:\/\/www.caissealliance.com\/en\/products\/loan-insurance-ontario\/\">Loan Insurance<\/a>, the insurer makes your payments in the event of disability and repays your Versatile Line of Credit balance in the event of death.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How can you manage all your credit needs with the Versatile Line of Credit? To better understand the advantages of this line of credit, let\u2019s look at Jason Fisher\u2019s financial summary. Value of the home: $250,000 Mortgage: $60,000 Credit situation Line of credit available Total financing used Average interest rate Without Versatile Line of Credit [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":9062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[],"class_list":["post-5376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Possible uses \u2013 Versatile Line of Credit | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/home\/possible-uses-versatile-line-of-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Possible uses \u2013 Versatile Line of Credit | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"How can you manage all your credit needs with the Versatile Line of Credit? 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