Mortgages with Line of Credit
Mortgages are a great financial resource for potential homeowners and business owners looking to purchase a residential or commercial property. But, what if they were combined with a line of credit? Mortgages with line of credit would allow these individuals to have more flexibility when it comes to their finances, enabling borrowers access more funds when they need it and pay off their debt sooner.
Halton Team Mortgage works exclusively with MCAP, Manulife Bank, National Bank and ScotiaBank to bring these useful products to your doorstep.
Mortgages with Line of Credit Products in Milton
MCAP Fusion Mortgage – A Duo Financing Option
On May 25, 2015, Halton Team Mortgages partnered up with MCAP becoming an Exclusive Ambassador Plus Ontario Broker. We offer our clients this ideal Fusion Line of Credit Mortgage option (a combined mortgage with line of credit product – new duo financing option) that helps you to reduce your mortgage using money regularly put aside. Also, watch your line of credit grow with every payment you make on your mortgage.
The MCAP Fusion Mortgage is a one-of product and there’s no other like it on the planet. As an exclusive broker, we can provide you with more options when you choose a MCAP Fusion Mortgage.
ManuOne: All-in-One Banking Account from Manulife
Looking for a way to outsmart your debt that keeps hanging around? Over 10,000 Canadians are using ManuOne to outsmart their debt. As such, Halton Team Mortgages has partnered up with Manulife Bank to offer a viable product to help you.
By switching to a ManuOne account you will earn a higher interest rate on your deposits because your borrowing interest rates are lower. Therefore, pay your debts off sooner and lessen the amount of interest you pay over time.
Why Combine Your Deposits & Borrowing Into One Account?
With ManuOne you income, mortgage and savings will be combined into one account enabling you to pay down your debt by automatically earning money from each deposit you make.
Benefits of Choosing a ManuOne All-in-One Banking Account
Most Ontarians dream of being debt-free and ManuOnce can help you achieve that. It allows you to:
- Enjoy greater flexibility with your finances by automatically reducing debt on your own terms
- Make everyday banking easier to manage by bringing income and debt together
- Reduce interest costs by consolidating your high-interest debt
- Lessen borrowing costs using your income and savings to pay down the principle
If you have at least 20% of home equity you can use Manuone to put your money to work for you. Earn a debt-free status sooner than you think and make your life and finances easier to manage.
All-in-One Banking from National Bank
Whether you’re considering buying a new home, second home, commercial rental property, renewing or transferring your mortgage, starting a home renovation project or just to have an emergency fund, All-in-One Banking from National Bank can work for you.
Get a mortgage loan that includes a line of credit with the lowest interest rates in the market, in turn saving you money while accomplishing your goals in the process.
Financing a new property
If you are financing a new property you will also be eligible for the Home Buyers’ Plan (HBP). This is a program which allows you to withdraw from your RRSPs (up to $25,000 annually). You also have access to a line of credit, and between these two sources you will have no difficulties of meeting the 20% down payment requirement to buy or build a home.
Finance a Project or Create an Emergency Fund
Build equity or capital by paying off your mortgage to finance your next home project or create an emergency fund, should the need arise. You can integrate all National Bank accounts into one, making them easier to manage, or choose to manage them all separately, with one advantageous rate.
Scotia Total Equity Plan (STEP) – A Home Equity Line of Credit
We offer the Scotia Total Equity Plan (STEP), which is a home equity line of credit. This product allows you to access the home equity you build up, through your line of credit. However, this cannot be in excess of 65% of your home’s total value, and your home debt can also not be more than 80% of your home’s total value. unless your home mortgage is paid off completely.
STEP allows you to choose either a fixed or variable rate. For instance, if you choose a 5-year fixed rate you’ll be looking at about 3.99%. On the other hand, if you select a variable rate you can get a much lower rate starting at about 3.10%, which would only increase when Prime does.
Benefits of the STEP:
- Visit a Scotiabank branch to access funds through the ATM. You can also access funds through online or telephone banking too.
- Get the lowest variable rates for a personal line of credit
- Choose between a fixed or variable rate
- No overpayments on interest, only pay interest on used funds (interest calculated daily)
- Your interest charge is your monthly payment
- Pay off your balance at any time, without penalties
The STEP is the one mortgage product that helps you simplify your future. Renovate, retire, buy a second home/rental property or pay off high-interest debts using your home equity.
Speak to an experienced mortgage broker at Halton Team Mortgages to help you decide on the best mortgage with line of credit option for you.
When your finances matter, we’ll be there for you!