EQUITYLINE VISA FFROM 6.99%
Limited Income Verification For Self-Employed Homeowners... Great For Business Start Up!
The EquityLine VISA card is a unique product that combines the advantages of an equity line of credit with the convenience of a VISA credit card and all the benefits of Gold.
Flexibility
- Use the equity in your home to secure a credit limit of $10,000 to $250,000
- Use only what you need, when you need it, up to your available credit limit.
- Use it for consolidating higher-interest debt, making home improvements, helping with business start-up or operating costs, or even for managing unexpected or everyday purchases - it's entirely up to you.
- Monthly payments as low as 1% of your outstanding balance or $10, whichever is greater.
- Make additional payments at any time without penalty.
Saves You Money
- Competitive interest rates of 6.99% 7.99%, 8.99%, 9.99%, 11.99% or 13.99% depending on LTV percentage and credit scores.
- You only pay the interest on the credit you have used.
- Replace high interest bills with one lower monthly payment.
- No annual fees
Convenience
- Apply only once - and it is set up to use when you need it.
- Access your credit by writing a convenience cheque, using any ATM with a Visa logo, or using your Visa card.
- Accepted in approximately 600,000 locations across Canada, in more than 150 countries with access to more than 950,000 Automated Teller Machines worldwide.
Gold Visa Benefits
- Auto Rental Collision/Loss Damage Insurance: Save money by being able to waive the coverage offered by the car rental company!
- Emergency card and cash replacement: If you need an emergency cash advance or replacement card, just call Visa at 1-800-847-2113, 24 hours a day 7 days a week from anywhere in the world.
- Guaranteed hotel reservations: When you charge hotel reservations to your Equityline Visa card, be sure to request a "guaranteed reservation." That way, your room will be held, even if you arrive later than expected.
- Health and Legal Assistance Services: Whether traveling or at home, you have a source to turn to when you need medical or legal information on a wide range of topics. Call 1-866-358-4140 for access 24 hours a day, 365 days a year to Assistance Coordinators who can refer you to health and legal experts.
FREQUENTLY ASKED QUESTIONS:
1) What is an Equityline Visa?
The Equityline Visa combines the advantages of a line of credit with the convenience of a credit card using the equity in your home as security.
2) What is Equity?
The equity in your home is the difference between the value of your home and the amount you still owe on your mortgage or other home equity secured loans.
3) What can I use my Equityline Visa for?
Your Equityline Visa is available to use any way you want. Whether it's those small everyday purchases, consolidating your debt, vacation planning or home improvements, your Equityline Visa works for you.
4) What amount can I borrow?
You can borrow up to 90% of the value of your home less any mortgages on the property. Available credit will vary based on your property location, income, credit history and home equity available.
5) Who qualifies?
- Residents of Canada who have reached the age of majority in their province or territory of residence.
- Owners of single family, owner-occupied homes - valued up to $500,000 - in all major and suburban areas of Ontario with populations of over 25,000 may apply. Owners of properties valued at over $500,000 will have their applications reviewed on a case-by-case basis.
- Home values will be verified with a property appraisal. As well, your existing institutional first mortgage must be up to date and in good standing. (application process is title based, no guarantors may be used.)
6) Do I have to declare or prove my income in order to apply?
We take a very flexible approach to income verification. We know that many of our customers are self-employed and look at each application accordingly.
7) I own a condominium. Can I apply?
Yes, condominium owners can apply. High-rise condo owners may borrow to a maximum 85% Loan to Value (LTV) in Ontario and a maximum 75% LTV in other provinces.
8) What is the meaning of Loan to Value (LTV)?
Loan to Value is the ratio of the total mortgage balance owing divided by the fair market value of your home (including the amount you are applying for).
9) Are there any restrictions associated with the Equityline Visa?
Yes, there are some restrictions: the product cannot be registered behind a private mortgage.
10) Can an Equityline Visa be issued to a corporation?
No, corporations may not apply.
11) Are there any costs for setting up my Equityline Visa?
Yes, there is a one-time account set-up fee of up to 2% of the approved credit limit, 5% brokerage fees and a title insurance fee. A title search fee of $35 may also apply. These will be charged to your account and appear on your first statement.
12) What is title insurance and how much does it cost?
FCT Insurance Company Limited (FCT) or FNF Canada (FNF) will be used to prepare and register the documentation required to secure your Equityline Visa. Both FCT and FNF offer convenient, personalized service that allows you to have this documentation signed or executed in the comfort of your own home.
13) What is a beacon score?
A beacon score is another name for a credit score as calculated by Equifax, a leading credit scoring agency. The score is calculated by factoring details of your personal credit history.
14) What is the minimum monthly payment?
The minimum monthly payment is half of most other major credit cards, at 1%, 1.25% or 1.5% of the outstanding balance or $10.00, whichever is greater. Your minimum payment term will be based on your income, credit history and home equity available.
15) Is there an annual fee?
- There is no annual fee with your Equityline Visa in all provinces except Québec.
- In Québec, a $100 annual membership fee will apply.
16) How much can I spend?
You can make purchases up to your credit limit. The amount of credit still available at any point of time will vary depending on your current outstanding balance.
17) How do I make a payment?
A pre-authorized chequing form is required for every account. The minimum monthly payment of 1%, 1.25% or 1.5% of the balance or $10 (whichever is greater) will be deducted from your bank account each month on the payment due date as shown on your monthly Visa statement. Additional payments can be mailed in the envelope provided with your monthly statement. You also have the option of paying through online and telephone banking through the Bank of Nova Scotia, Toronto Dominion Bank, Canadian Imperial Bank of Commerce, Royal Bank, The Alberta Treasury, President's Choice Financial and the Bank of Montreal.
18) What is the grace period?
The grace period is the time between the statement date and the payment due date during which you are not charged interest on your purchases. Equityline Visa has a grace period for payment of the purchase balance of at least 21 days, if we receive payment in full of your outstanding balance by the due date (in Québec, payment in full of your outstanding balance by the current statement due date). Cash advances are not included in the grace period.
19) How long will I have my Equityline Visa Card?
The Equityline Visa Card is yours as long as you own your home.
20) How do I access my Equityline Visa?
There are many ways to access your line of credit:
- write a convenience cheque
- use any ATM machine with a Visa logo
- use your credit card!
21) Can I get a cash advance?
Yes, you can withdraw money from an ATM or visit any bank branch with a Visa logo.
If you would like to be pre-approved for this product then simply complete my secure server online application form and in commet section say you'd like EquityLine VISA.
