Canada First Mortgage - Calgary Alberta

Line of Credit

 

A Line of Credit on your home is one of the most cost effective ways to consolidate debt that you carry.  From credit cards, to car loans...the list goes on.  Why is it so much better?  Well, typically a minimum payment on a Line of Credit is INTEREST ONLY.  The good news is obvious:  It’s cheap money.  The bad news is, if you don’t have a pay-off plan in place - it can be hazardous to your financial health down the road!  However, if you have to borrow, a secured Line of Credit is the smart and most affordable way to go.

Are you a decent candidate to carry a Line of Credit on your home?  Are you aware of the allowances and limitations on a secured Line of Credit?  Here’s a few “DID YOU KNOW’S” below...

DID YOU KNOW that to carry a secured Line of Credit on your home - the maximum is 65% of the value of your home?

  •  For those of you that have a grandfathered Line of Credit that allows up to 80% loan-to-value on your home, consider yourself lucky - a line of credit up to 80% of the value of your home is no longer available.

DID YOU KNOW that most Lines of Credit are completely open?

  •  This means that you can pay as much as you want, whenever you want with experiencing no penalty.  It’s completely OPEN!

DID YOU KNOW that Lines of Credit are for more than just consolidating your debts?

  •  Consider a Line of Credit for other purposes like; renovations on your home / repairs for a vehicle / new vehicle / weddings / kids braces / etc.  There’s literally no limitations as to how you utilize a Line of Credit. 

DID YOU KNOW you have to qualify for a Line of Credit?

DID YOU KNOW that you can carry a Line of Credit only?

  • You can opt to carry a line of credit on your home only (up to 65% loan to value).  The difference?  Interest only payments, low interest rate, and readvancable cash.  No mortgage, Line of Credit only!

DID YOU KNOW the interest rate on a secured Line of Credit is based off of the Prime Rate of Canada?

  • A decent interest rate is usually prime plus .5%.  

Is a secured Line of Credit right fit for you?  Perhaps a brief discussion with us will assist any questions you may have - call or email us today!

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Canadian Mortgage Experts - Canada First
Dan & Stacey Mass
Calgary, Alberta
Direct: 403-650-6596
Fax: 1-866-377-4410
Email: info@canadafirstmortgage.com

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