If you want to have money available when you need it, whether it's for a home renovation, an unexpected expense, your child's education or any other important financial need that comes up, there's Homeowner ReadiLine. Let us show you how to take the worry out of future financing and take advantage of low cost borrowing options.
The concept is simple. With Homeowner ReadiLine, as you pay off your home, you build equity that you can access when you want it or need it, for whatever you want or need it for - to pay for higher education, cover unexpected expenses such as a new furnace or roof or invest for tomorrow. Whatever it is you want to do, your home can make it all possible.
Homeowner ReadiLine lets you access up to 80% of the value of your present home (less any outstanding loans or mortgages already registered against the property) or of a newly purchased home. As you pay down your mortgage, your equity (up to 65% of the value of your home) will automatically become available to you as a revolving line of credit in your Homeowner ReadiLine account.
To get started you either need:
- A 20% down payment if you are purchasing a home, or
- At least 20% equity in your current home.
Best of all, you only need to apply once. For as long as you own your home you have a flexible, low cost option to access your funds as you need them.