Simply your life with the All-In-OneTM
Do you own your dream home, but find it hard to afford other things you value, like saving for your children's education, travel plans or a new car? An All-In-One home equity line of credit1 could be right for you.
How does it work?
With the All-In-One, you can finance, or even refinance, your home purchase AND access your repaid principal2. This can lead to big savings, should you ever need to finance other projects or invest down the road. Simply use your home to reborrow from the All-In-One without having to apply for another loan.
Purchase or refinance up to 65% of the value of the property.
Possibility of financing up to 80% of the value of the property, if combined with a mortgage loan.
For new homeowners and current homeowners alike.
Renewing a mortgage.
Convert your existing loan to the All-In-One to save money and get the flexible terms you need to power your ideas.
Refinancing a mortgage.
Leverage your repaid or unused principal (up to 80% of the value of your home) to finance other projects and investments.
Two ways to manage your line of credit.
With an All-In-One line of credit, you can integrate your day-to-day transactions and financing into a single account.
Perfect if you’re looking to get an overview of your finances by centralizing them to one place.
Divide your transactions among a number of accounts within your All-In-One (e.g., mortgage financing, transaction account, renovation account).
Perfect if you’re looking to use several accounts to better track your finances.
The All-In-One is perfect if you're looking to:
With the All-In-One, you'll get:
Your minimum monthly payment includes only the interest and any insurance premium. Managing your cashflow is up to you – you can adjust your payment amount as necessary. Use what you need, then pay back all or part of the line of credit anytime without penalty.
Your All-In-One functions just like your bank account. Funds are accessible through traditional methods, checks, bank and THE EXCHANGE® Network ABMs across Canada and online banking services. One account statement covers all of your borrowing.
More tax deductibility.
Open several distinct transactional accounts within the All-In-One. If an account is used for investments, you can isolate and deduct interest.
Your repaid principal automatically becomes available for you to reborrow without having to submit another credit application. This can free up cashflows for investments or insurance and eliminate the need to ask for financing if an opportunity to purchase appears.
This bank offers one of the lowest, most attractive rates on the market, meaning you can consolidate your debts and save on interest. Plus, when you integrate your other accounts into the All-In-One, you’ll pay only a flat fee of $7.00 per month per account.
Savings with All-In-One.
See the difference the All-In-One can make for you.
The following example shows how you can save with the All-In-One. Just think, you’ll be able to pay off loans faster, save money for things like travelling or a child’s education and even finance new projects – like the purchase of a new vehicle or remodeling a home – simply by switching to the All-In-One.
Without All-In-One - All loans separate; several interest rates.
|Loan type||Loan amount||Interest rate and APR3||Interest paid over 5 years|
|Department store credit card8||$2,000||26.00%||$2,381.94|
The information in this chart is hypothetical and used only to illustrate the advantages of this product under identical conditions. These data do not create for contractual obligation for the bank. Line of credit granted subject to credit approval by the bank.
With All-In-One - All loans consolidated; single interest rate.
|Amount of all loans||Interest rate and APR3||After 5 years|
|Total||$240,000||4.03%9||Interest paid: $46,150.36|
|Fee of $7.00 per month per account||Fees of $360.00 per account|
|In this example, with a single account, your interest savings (less fees) would be:||$6,966.04|
|Fixed transaction fees||Fee of $7,00 per month per account|
|Unlimited transactions||Included in your fixed fees:
- Debit card purchase
- Check, pre-authorized debit
- Withdrawl, transfer between accounts, transfer to another person, Interac e-Transfer® and withdrawal for one bill payment, via ABM and our online banking services
- Sending Interac e-Transfer
- Receiving Interac e-Transfer
- Automatic transfer carried out by the bank at your request, at a specific date
- List of transactions via ABM
- Access to check images
Compare your options.
Whatever your mortgage needs, we have a solution for you.
Two versions of the ALL-In-One
|Line of credit only||Made-to-measure mortgage (loan AND line of credit)||Mortgage loan|
|What is it?||You can access your repaid principal to pay for other projects.||Use the line of credit portion to finance up to 65% of the value of the property. You can access your repaid principal.
Given a 20% down payment and a line of credit that covers 65% of the purchase price, the loan portion finances the remaining 15%. You can’t access this portion of your repaid principal.
|A traditional loan, which must be repaid over a given term. You can’t access your repaid principal.|
|Down payment||More than 35% of the property’s value.||More than 20%||More than 5%.|
|Perfect, if you’re looking to:||Get financing or refinancing equivalent to 65% of the property’s value.||Enjoy flexible financing together with the security of a traditional loan.||Benefit from the peace of mind knowing your payment schedule in advance.|
|Rate||Advantageous variable rate.
Fee of $7.00 per month per account.
|Advantageous variable rate and fee of $7.00 per month per account for the line of credit portion.|
For the loan portion, choose a fixed rate, a variable rate or a combination of the two.
|Choose a fixed rate, a variable rate or a combination of the two.|
|Payments||Decide your payment amount and frequency. Only interest and insurance, if applicable, must be paid.||Line of credit portion; decide your payment amount and frequency. Only interest and insurance, if applicable, must be paid.|
For the loan portion, payments must be made as set out in the loan agreement.
|Payments must be made as set out in the loan agreement.|
|Access to funds||Your repaid principal automatically becomes available online, at the ABM, via debit card, etc.||For the line of credit portion, your repaid principal automatically becomes available - online, at the ABM, via debit card, etc.||To access funds, you’ll need to apply for refinancing.|
|Additional payments||No prepayment charge.||No penalty on the line of credit portion.|
Loan portion; accelerated repayment possible under certain circumstances.
|Accelerated repayment possible under certain circumstances.|
Subject to credit approval by the bank.
Subject to not exceeding the maximum line of credit amount available, i.e., 65% of the value of the property.
APR means “Annual Percentage Rate” and represents the total interest and fees charged by the bank, expressed as an annual percentage. It corresponds to the annual interest rate if the cost of borrowing is composed solely of interest.
Assumptions: $200,000 in financing with a 5-year term, a residual amortization period of 18 years, a fixed, 3.60% interest rate and no monthly administration fees.
Assumptions: $10,000 in financing, a residual amortization period of 5 years and a fixed 10% interest rate.
Assumptions: $18,000 in financing, a residual amortization period of 5 years and a fixed 7% interest rate.
Assumptions: $10,000 in financing, and a fixed 19.99% interest rate. Payments calculated to pay off the debts in 120 months.
Assumptions: $2,000 in financing and a fixed 26% interest rate. Payments calculated to pay off the debt in 120 months.
Based on the interest rate of 4.30% and a residual amortization period of 18 years. The interest rate may vary.
As you have probably concluded there are many variables to consider when deciding which type of home equity line of credit is best for you. Contact Jack to help you decide which type best suits you and your family’s needs.