Combined Mortgage/Line of Credit
Lines of Credit
Renew, switch, or get a new mortgage with rates starting as low as 4.09%*.
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Life is full of surprises, and unexpected expenses.
Student loans, credit card bills, home repairs, waiting for that full-time position…it's a lot to juggle. Add to that a wedding or a first child and a line of credit (LOC) is your port in a storm. It's a pre-approved loan for a set limit that you can tap whenever you need to and for whatever purpose. With lower rates than conventional credit cards and flexible payment options, a LOC can save you thousands of dollars in interest charges annually.
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Loans up to
80%
of your home equityStarting at
5.45%
variable interest rateIf you’re buying or refinancing a home and need extra funds for renovations, large purchases, or unexpected expenses, this option may be right for you. This all-in-one borrowing solution combines a mortgage with a revolving line of credit to provide ongoing access to funds at a low interest rate. Enjoy the flexibility to borrow money as needed without the hassle of refinancing.
Common Questions
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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.
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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.
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Secured/Home Equity Line of Credit
Loans up to
80%
of your home equityStarting at
5.45%
variable interest rateThis option gives you the highest credit limit available, based on the equity in your home. You can receive a loan up to 80% of your property's value. Enjoy the option of interest-only monthly payments, lower interest rates and lower monthly payments than you would get from the unsecured line of credit.
Common Questions
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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.
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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.
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How can I access my funds?
You can access your Line of Credit through any of these methods: online, by phone, cheque or ATM.
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Ready to talk lines of credit with us?
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Read more about lines of credit
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Educators Financial Group partners with a number of lenders (we act as a brokerage), so rates and products are subject to change at any time without notice. Not all programs/features/benefits are available with each lender. Speak to an Educators Mortgage Agent for full details.