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Home Equity Line of Credit

The lowest cost of borrowing you have available can be accessed through a MeritLine, Libro’s home equity line of credit.

How does a MeritLine work?

If you are a home owner, 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).

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.

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

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