MeritLine™ Home Equity Line of Credit

Maximum flexibility at our best interest rate

The MeritLine Home Equity Line of Credit allows you to use the equity value in your home as security, which provides our lowest borrowing rate.  Once the MeritLine has been approved, use it for anything you like – home renovations, vehicles, your child’s education, a wedding, even investments. 

You can access your MeritLine conveniently by transferring lump sums to your chequing account.  Then just use your debit card, a cheque, or you can access the funds through online, mobile and telephone account services.  Keeping the MeritLine in force year after year is easy – it’s subject only to a satisfactory annual review of your credit standing.  And there’s no monthly fee – if you don’t use it, you don’t pay a cent.

The loan you control

The MeritLine can be operated on a standalone basis or you can set up an automatic ‘sweep’ in $50 increments from your MeritLine to your chequing account to cover shortfalls.  Flexible repayment options, from interest only to scheduled payments, mean you’re in charge of how quickly the principal is repaid.  You also have the option to increase your credit limit.

Credit limits are available up to 80% of the value of your home.  Interest on amounts borrowed is tied to the MeritLine Base Rate, with the variable rate premium determined by the position of the MeritLine in relation to other mortgages on your property. 

Optional life, disability and critical illness insurance are available to make sure you and your family are protected in the event of illness or death.

Let's chat about our MeritLine Home Equity Line of Credit. Find out how empowering it can be to have control of your money.

 

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