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Home Equity Line of Credit

For larger projects you want to pay for over a longer period of time, why not use your home’s equity? With a home equity line of credit, you only pay for what you use — when you need it. Your balance can be paid down and reused again, giving you maximum financial flexibility. The lowest cost of borrowing you have available can be accessed through a MeritLine, Libro’s home equity line of credit.

What is a home equity line of credit?

A home equity line of credit, also called a HELOC, is a secured form of revolving credit. The lender uses your home as a guarantee that you’ll pay back the money you borrow. As a revolving form of credit, you can borrow money, pay it back, and borrow it again, up to a maximum credit limit.

How does a MeritLine home equity line of credit work?

If you are a homeowner, you are eligible to borrow up to 65% of your home’s equity, or use that equity as collateral. Wondering what your home equity value is? You can find out by following this formula:

Your home’s market value less what you owe on the home (your mortgage amount).

What are the rates for a home equity line of credit?

Rates for a home equity line of credit vary depending on the Owner. The minimum rate plus risk factor for Meritline is 4.200% — contact a Libro Coach for more information.

Benefits of a MeritLine

  • You can establish a line of credit that uses up to 65% of your home equity.
  • The variable borrowing rate is lower than other credit options.
  • Your variable rate will follow prime rate changes.
  • You don't have to pay any costs or charges if your MeritLine is not used.
  • You can access your MeritLine funds through your chequing account using Online Banking, telephone banking and ATMs.
  • You can convert all or part of your MeritLine to a fixed-term mortgage at any time.

What are the steps to get a MeritLine home equity line of credit with Libro?

To get started with a home equity line of credit, make an appointment with a Libro Coach. Your Coach discusses your renovation and financing needs and potential for a home assessment.

A Libro Coach will help you determine which financing options work for you.

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