MeritLine
Home Equity
Line of Credit Perth County Courthouse - Stratford - Carol Rawlings
MeritLine Home Equity Line of Credit At rates better than most retail credit cards, a home equity line of credit can finance other important purchases, like renovations, vacations, paying off higher-interest credit - whatever you choose. A home equity line of credit can be set up easily along with your mortgage.
If you're a homeowner who's built up some solid equity in your home, flexibility in borrowing is within reach. It's easy! Set up your MeritLine account, and you’ll have the freedom to write yourself a loan whenever the time is right.
How the home equity MeritLine works for you
Your home equity MeritLine can be arranged for up to 80% of the appraised value of your property, depending on your mortgage situation. For example, assume your home has an appraised value of $200,000 and one outstanding mortgage of $60,000:
| Eligible amount: 80% of 200,000: |
$160,000 |
| Deduct current mortgage balance: |
$60,000 |
| Available MeritLine line of credit: |
$100,000 |
Why a MeritLine instead of a traditional loan?
- Access the cash you need, at the moment you need it
- Maximum repayment flexibility
- Apply only once, and when approved, you can use your MeritLine anytime, for any reason
- Interest rates are always competitive and you don't pay interest unless you use the funds.
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