Line of Credit - Attached to your mortgage

This type of Mortgage is like having two mortgages in one. It offers our clients all the advantages of a traditional mortgage with either a fixed or variable loan together with the flexibility of accessing up to 80% of their home equity through a revolving Line of Credit (LOC). This product is available to our clients on new purchases, existing properties and rentals (up to 4 units, owner occupied and non-owner occupied). The rate on the LOC is not a guaranteed rate as it floats with CIBC prime rate.  Receive monthly statements on your LOC portion of the mortgage and the LOC may be paid off at any time without a prepayment charge!

Unlike some Line of Credit products, this one compounds semi-annually not monthly. The LOC is not a collateral charge, this means it is portable throughout the term. The LOC portion of the mortgage is fully readvanceable, this means that as the principle reduction on your fixed or variable term occurs, the difference is converted to the LOC immediately. There is no need to apply for additional LOC increases throughout the life of the term. 

This Mortgage/LOC is for clients who:

-         Want the benefits of both a fixed and variable rate mortgage

-         Want the flexibility to draw from a Line of Credit for such items as investments, home renovations, vacation or child’s education

-         Want the ability to lock in a portion of their mortgage into a closed fixed rate loan while taking full advantage of variable rates through the Line of Credit

Just fill out the information below to start the online application and one of our mortgage specialists will call you within the next 24 hours to discuss your application further.