MyMortgage.ca - Calgary Mortgage Broker
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We offer Home Equity Line of Credits (HELOC) up to 80% LTV, so homeowners can enjoy access to additional funds with more flexibility and convenience. Lines of credits have become an innovative way to finance your home purchase. With as little as 20% down you can utilize a line of credit on your home. In the past clients had to put down 25%. This new line of credit is fully open for repayment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, child’s education, or debt consolidation. You can borrow and pay back as much as you need, up to your credit limit, and pay interest only.

80% Home Equity Line of Credit:

  • LTV Maximum: Up to 80% Canada Wide
  • Terms: Interest only payments
  • Rate: Variable rate, floats based on Prime

Home Equity Line of Credit Example:
‘Loan-to-value’ (LTV) is the relationship between the principal balance of a mortgage and the property value. If your home is valued at $300,000 with a $270,000 line of credit, you have a 90% LTV.

Purchase Price: $300,000.00
Down Payment (20%): $60,000.00
HELOC (80%): $240,000.00
Total HELOC  (92.25%): $276,075.00
Prime Rate: 3.0%  
Monthly Payment (interest only): $596.28

There is no insurance cost if the loan to value is 80% or less.

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Have a mortgage question?

The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.

MyMortgage.ca - Calgary Mortgage Broker
Phone us toll-free @ 1-866-509-1090 for more information.