| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years)
|
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| BMO |
ReadiLine |
20%
of principle can be repaid before each anniversary PLUS monthly payments
can be increased 20% |
40 |
Only upon
default |
Yes |
No |
No |
4 |
No |
No |
MasterCard
provided. |
| Citizens Banks |
Readvanceable Mortgage |
20%
of principle can be repaid in one lump sum per year PLUS up to 20%
one-time monthly payment increase annually, PLUS one payment can be
doubled-up each year |
40 |
Only upon
default |
No
(Must call branch…
documentation is needed) |
No |
No |
5+ |
No |
Yes
(Re-appraisal required
on new property) |
Can use 100%
of any tenant rental income to calculate debt service ratios when
qualifying for the loan.
Quarterly re-advancing only.
Assumable if you sell your house.
40-year max amortization on fixed portion (anything over 35 years must
be insured) |
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| Canadian Tire |
One-and-Only |
20%
of principle can be repaid any time during the year PLUS you can increase your monthly payments up to 20% |
25 |
Only upon
default |
Yes |
No |
No |
1 |
No |
Yes
(Re-appraisal required
on new property) |
Can lock in up to 10 loan amounts (like your mortgage, car loan, etc.) at a fixed rate (minimum $10,000 per fixed amount). |
| Envision |
Redfrog Line of Credit |
100%
anytime |
25 |
Yes |
Yes |
No |
Yes
|
1
(But multiple "blocks" [sub-accounts] are available) |
No |
No |
Fully variable
There is no need to port this product because there is no
locked-in rate or penalty.
The entire loan is at prime.
Linked MasterCard available.
No prepayment penalties. May be repaid any time. As long as account is below the maximum
allowable LTV only interest-only payments are required.
$150 fee for LOC increases above the originally set limit.
BC only. Ontario soon. |
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| FirstLine |
Matrix Mortgage |
20%
of principle can be repaid before each anniversary PLUS monthly payments
can be increased 25% |
40 |
Only in
default
(LOC reviewed every 5 years) |
Yes |
No |
No |
1 |
Yes
(via Mlink--a $39.95 monthly charge.) |
No |
One of the only discounted lines of credit. (Ask for details)
LOC doesn't appear on credit bureau.
Semi-annual LOC interest compounding provides savings.
Can also be used with rental properties.
Funds can be
moved electronically 48 hours after they are transferred into the LOC.
Excellent online portal. Mortgage and LOC payments are automatically deducted from bank account. Can transfer funds online to bank account from LOC. |
| HSBC |
Equity Power Mortgage |
20%
of principle can be repaid in one lump sum per year. Monthly payments
can be increased up to 20%, subject to the total 20% prepayment limit
not be exceeded. |
40 |
Only upon
default |
No
(Must go to branch) |
Yes |
Yes |
5+ |
No |
Yes |
Re-application
may, or may not, be necessary when increasing LOC. Speak to
mortgage planner or branch.
Re-advances may be done quarterly (in some cases monthly).
Can register 100% possible only lend 80%
Must phone to transfer funds |
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| Investors Group |
All-in-One |
100%
anytime |
N/A |
Only upon
default |
Yes |
No |
No |
3 |
Yes |
No |
Offered only through IG financial consultants.
Based on National Bank's All-in-One.
Includes full tax and wealth management planning.
Currently offered only at prime rate.
May be exceptions to Beacon requirement on case-by-case basis |
| Manulife |
Manulife One Mortgage |
10%
of principle can be repaid before each anniversary PLUS monthly payments
can be increased 25%
Fully open if no fixed-rate sub account is established. |
35 |
Only upon
default |
Yes |
No (must
move money manually via internet or phone) |
Yes
(In
$25000 increments. Income re-verification required.) |
5 |
No |
Not with
fixed rate sub account but yes if you only have a variable |
Access card provided for purchases or withdraws via ATM
Deposits may be made at any RBC branch or partner ATM
If you don't get a fixed portion you can pay it off at any time
with a $170 de-registration fee. There are no interest penalties for pre-paying
the LOC but there are if there is a fixed portion.
You can lock in up to 75% of total outstanding balance at any
time, at a lower rate and for fixed period.
Ability to skip mortgage payments--up to your allowed credit limit (if your mortgage sits in the line of credit portion).
Legal fees covered. |
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| Merix |
HELOC |
20%
of principle can be repaid before each anniversary PLUS monthly payments
can be increased 20% |
40 |
Only upon
default |
Yes |
No |
No |
1 |
Yes
(via Mlink--a $39.95 monthly charge.) |
Yes |
Can have a "no-frills" deep discounted fixed rate portion.
Minimum LOC withdrawal is $1000 (funds available within 48 hours
after transferring into LOC)
LOC not reported to credit bureaus.
Excellent conversion rates when converting from a variable to a fixed rate after closing. |
| National Bank |
All in One |
100% can be repaid at any time without penalty if mortgage held in LOC. Otherwise, 10% can be pre-paid annually plus payments can be doubled up monthly. |
40 |
Only upon
default |
Yes |
No |
No |
99 |
No |
No |
Savings and debt are merged in one account. Interest is then calculated daily and is offset by any positive balances, thus saving borrowers interest over time.
Free unlimited electronic banking included with each sub-account.
Make minimum interest-only payments if desired on the LOC portion.
Each sub-account is a seperate checking account. (Useful for cash flow damming)
Debit card included.
|
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| RBC |
Homeline |
10%
of principle can be repaid in one lump sum per year, PLUS payments may
be doubled up, PLUS monthly payments may be increased up to 10% once
per year. |
40 |
Yes |
Yes |
No |
Yes |
5 |
No |
No |
The
"mortgage" portion can be a mix of different terms, and can be a mix of
fixed or variable rates.
No credit card provided. |
| Scotiabank |
Scotia Total Equity Plan (STEP) |
15%
of principle can be repaid before each anniversary PLUS monthly payments
can be increased 15% PLUS each payment can be doubled-up.
Additional pre-payment options may be provided on an exception basis. |
40 |
Only upon
default |
No
(Must call branch--no more than once per month. Documentation may be
required) |
No |
No |
3 |
No |
No |
Includes Skip-a-payment feature.
$5000 minimum LOC re-advance.
For 90% financing the mortgage must be convert to conventional
(i.e. 80% loan-to-value) after 10 years. Otherwise the LOC cannot be
maintained. If the property rises sufficiently in value this isn't an issue.
Includes a VISA card.
|
| Lender |
Product Name |
Pre-payment Privileges |
Max.
Amort-
ization
on
fixed (years) |
LOC is Callable Any time? |
Automatic LOC Increase After
Principle
Payments? |
Must re-apply to increase LOC after
principle payments? |
LOC can be increased if home value rises--without re-applying? |
Max.
Credit
Lines |
Automatic Investing from LOC? |
Portable
to
another house? |
Miscellaneous |
| TD |
HELOC |
15% of principle can be repaid any time before each aniversary PLUS monthly payments can be doubled-up at any time. |
40 |
Only upon default |
Yes |
No |
No |
3 |
No |
No |
Debit card included. |
| Vancity |
Readvanceable Mortgage |
10%
of principle can be repaid in one lump sum per year OR you may double
up payments. |
40 |
Only upon
default |
No (must
request readvance in branch or by phone) |
Yes |
Yes |
5+ |
No |
Yes |
Only
available in BC.
Readvances must be made in increments of $25,000 or more. |
