Lines of Credit

Is keeping a balance on a Secured Line of Credit a good idea?

Paying interest only payments and keeping a large balance is never in your best interest. It is best to create a plan to pay off the secured line as soon as you can as it is mean to be a temporary solution carrying a higher interest rate.

In the future can the Secured Line of Credit be eliminated?

Should you find that the secured line of credit is not being used or costing you too much money by carrying a balance, when the mortgage matures clients may choose to complete a collateral switch to a new lender where the mortgage and secured line of credit are combined back into a single standard mortgage.

Why a Secured Line of Credit instead of a Loan?

You're in control. You decide when, or if, to use it, how much to withdraw and what to use it for. Unlike a loan, you don't pay interest until you use it. And, unlike a Loan, it is reusable. Once approved, you can tap into it whenever you need to.

Can I make payments at any time without penalty?

Yes, make as many payments as you would like. Payments may be made weekly, bi-weekly, mid-monthly or monthly.

How can I access my funds?

You can access your Line of Credit through any of these methods: online, by phone, cheque or ATM.