Canada credit equity home line
Use the power of your home equity to secure a lower interest rate and save!
With a CIBC Home Powerâ„¢ mortgage or line of credit, you can secure a lower interest rate to help you save big on interest while you borrow. Use funds for home renovations, vacations, investments - or anything else you want. And with two great borrowing options available, you can select the one that best suits you.
1. Mortgage refinance
The CIBC Home Power mortgage1 option is an ideal way to borrow for your specific needs, like a new deck or kitchen.
You can:
easily budget with a structured payment plan and an assured pay-off date.
add the payments to your current mortgage amount for your convenience.
access up to 90% of your home’s appraised value.2
All you need is at least 10%+ equity in your home to get a CIBC Home Power mortgage refinance working for you.
2. Line of credit
The CIBC Home Powerâ„¢ line of credit1 option is a great way to borrow if you want ongoing access to funds at any time.
You can:
enjoy the flexibility of paying as much or as little as you want, as long as you meet the monthly minimum.
pay interest only on the amount you use.
access up to 80% of your home’s appraised value.2
You’ll need at least 20%+ equity in your home to get a CIBC Home Power line of credit working for you.
The minimum borrowing amount for both the CIBC Home Power mortgage and the CIBC Home Power line of credit is $10,000 and you can access as much as 80% of the value of your home (or, for the mortgage, up to 90% if your mortgage is insured, for example, through Canada Mortgage Housing Corporation (CMHC)).
Home equity is the current market value of your home, minus any outstanding debt registered against your property, like your mortgage balance.
Here’s an example of what’s available if you have a $50,000 mortgage and you want to borrow up to 80% on a home appraised at $200,000:
80% of the value of your home:
$160,000
Less the outstanding mortgage:
$50,000
Funds available to be borrowed:
$110,000
Trademarks and Disclaimers
1 CIBC Home Power finance options are not available in Nunavut. Legal and appraisal fees apply. Additional conditions and restrictions apply. Ask for details.
2 Less what you currently owe on your home, or other encumbrances.
â„¢ Trademark of CIBC.
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
http://www.cibc.com
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