Mortgages

You've been building equity in your home since the first day you bought it. Now, thanks to your hard work and commitment, you can start taking advantage of that equity to save money and increase your financial flexibility.

Reducing your overall debt is a smart financial goal. One way to restructure and consolidate debt is to take out a second mortgage-or home equity loan-on your home. You can end up saving a significant amount in interest by refinancing your home.

It also makes good financial sense to balance future needs with immediate ones.

You can use your home equity to:

• Renovate
• Take a vacation
• Purchase a vehicle or recreational property
• Take advantage of investment opportunities

You have various options when it comes to taking advantage of your equity.

Mortgage

You can use up to 90% of the current value of your property and get a conventional or high-ratio mortgage. For example, if you have 35% equity in your home, you can use up to 30% (35% minus 5%) of the current value of the property to help you pay for things you want to buy today.
More information on Mortgages

Home Equity Line of Credit

You can use up to 75% of the current value of your property using a Home Equity Line of Credit. If your mortgage is up for maturity, you can choose a Home Equity Line of Credit, instead of another mortgage, for the full 75% of the appraised value or keep the terms of your current mortgage and take an additional line of credit secured with the difference in your equity up to 75%.
More information on the Home Equity Line of Credit

If your mortgage is not at maturity, you can still take advantage of our Portability Plus option. Portability Plus lets you keep your current mortgage rate and borrow additional money at the rate in effect at that time. The result is a weighted average rate. (some restrictions apply)