Line of Credit & Interest Only Mortgages

Every lender offers a secured line of credit or Home Equity Line of Credit, the interest rate charged is "prime" which fluctuates with the Bank of Canada overnight rate.

This product is an excellent tool in many circumstances:

• Renovating Your Home
• Investing (using the Smith Maneuver)
• Short term financing - you may pay off the line of credit at anytime without penalty
• Revenue properties - if you do not wish to make principle payments

You may obtain a Home Equity Line of Credit (HELOC) up to 80% of the homes value less any other mortgage charges against the title. The payments are interest only and there is no amortization set for the payments.