Put the equity in your home to work for you with a Flex Mortgage. It allows you access to revolving credit - meaning you won't have to apply again in the future.
- Access up to 75% of the value of your home to use as you see fit.
- Funds are accessible for as long as you own the home.
- No need to re-apply or re-qualify for future borrowing as this is revolving credit, saving your mortgage registration or refinance fees over time.
- Split your total mortgage into sub loans for your various borrowing needs.*
- Each sub loan can be set with different rates and payment terms allowing you to track certain borrowings separately from others.
- Competitive interest rates.
- Repayment plans to suit your needs.**
- Eligible properties are primary residences and residential revenue properties (dependant on location and other factors).
- Available for conventional mortgages only.
- *Maximum of three sub loans at one time
- **Payments can be made weekly, biweekly, semimonthly or monthly
- Must meet certain approval conditions
- Cost of credit and any fees associated with the loan will be disclosed at time of approval
- Payments will vary depending on how each sub loan is set up
- Sub loans may be open or closed with a fixed or variable interest rate
- TCU chequing account is required
- Minimum amount for the main line of credit is $5,000