Home Equity Line of Credit

CanEquity’s New Credit-Line Mortgage

When you have 10% or more equity in your home, you can use CanEquity’s New Home Line of Credit Mortgage to fund your dreams. CanEquity’s new credit line is completely flexible. It is fully open for pre-payment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, a child’s education, or debt consolidation. You can borrow as much as you need, up to your available credit limit, and for the first 5, 10 or 25 years, you can choose to pay as little as interest-only.

Mortgage Purpose

• Equity take-out — You can enjoy your money now, and not have to wait until you sell your home.
• Refinancing — You can refinance up to 90% LTV and reset the amortization to 25 years, insurance premium required, if applicable.
• Purchase a home — You can choose our Line of Credit Mortgage to finance a home purchase, instead of a conventional first mortgage.

Eligible Properties

• Owner-occupied only — Up to fourplex available (all triplex and fourplex properties must be insured at the borrower’s cost).

Loan Amount

• $10,000 to $500,000

Loan To Value (LTV)

• Up to 90% Canada-wide

Set-Up Fees

• Appraisal fee (if applicable)
• Legal/closing fees
• Mortgage Insurance fee (if applicable)

Loan Interest Rate

• Variable rate only, floats daily based on Bank of Canada Prime
• Semi-annual compounding

How You Could Access Your Funds

• To draw out money from your line of credit account simply call your lender, provide your security password and transfer funds to a bank account of your choice. Funds will be transferred within one to four business days, depending on the method of transfer.

Monthly Statements

• You will receive a detailed monthly statement within 10 business days after your payment date

Convertible

• CanEquity’s Line of Credit Mortgage can be converted at any time without penalty to a fixed term.

Term

• 25 year term (fully open, principal amount can be paid back in part or full at any time without notice or penalty)
• This Line of Credit Mortgage is both portable and transferable.

Repayment of Insured Loans

• Insured Line of Credit Mortgage loans have an interest-only period of 5 or 10 years, during which time you are only obligated to make interest payments on your outstanding balance. Upon completion of the interest-only period, the credit limit will convert to an amortizing credit limit. Depending on the outstanding Line of Credit balance, payment amounts may be adjusted to cover both principal and interest payments.
• The Line of Credit Mortgage is registered with a 25 year amortization. At the end of the initial 5 or 10 year interest-only period, the amortization period will have been reduced by an amount equal to the term of the interest-only period. (E.g., at the end of the 5 year interest-only period, your mortgage will have a remaining amortization of 20 years.) For further explanation, contact your CanEquity Mortgage Professional.
• At the end of the interest-only period, you can reapply to extend the interest-only period, in which case your amortization period will also be extended (subject to approval).
• The required interest only payment will automatically be deducted monthly from your bank account.

^* Mortgage interest rates are subject to change without notice at any time. E.&O.E., O.A.C.
^§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.

Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. If you have questions or comments about our website, security practices or policies, please call our technical support line at 1-866-530-5541. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262.