Home Equity Line of Credit

If you have paid off a portion of your home, you may be able to make that equity in your home work for you.

A home equity line of credit is a unique type of fully secured line of credit. The basic idea is that you borrow against what you already own! This allows you to take advantage of preferred interest rates.

The home equity line available at FirstOntario is the MeritLine™. A MeritLine™ is fully secured by a residential mortgage and used at the Member's discretion.

Home renovations or additions, a car or boat, a wedding or your childrens' education - the list goes on. Members use the equity in their homes to enjoy life while managing debt responsibly.

• Preferred, variable interest rate tied to the Prime rate. One of the most affordable forms of credit.
• Lower interest rate than conventional mortgages. A great tool for consolidating debt or even paying off the balance of your mortgage.
• Limits up to 80% of the appraised value of the home. Conditions apply.
• The interest rate is variable with interest applied only to the amount you use, calculated on the daily closing balance.
• Highly flexible to match your cash flow.
• Choose a repayment schedule to meet your personal needs. The only requirement is that you repay the interest (if any) monthly.
• The option to pay more is always available.
• As you pay down your line of credit, the available balance becomes immediately available for use again.
• FirstOntario credit lines are included in your monthly consolidated statement. This makes your personal recordkeeping very easy.

Protection

Do you value safety and security? To protect your family and your estate, FirstOntario can provide you with Monthly Premium Credit Life and Disability Insurance, through CUMIS™. This insurance can assist with your family's financial security should unexpected disability or death occur. Contact us for details.