Our alternative HELOC solution
The Equityline Visa is a flexible solution that gives clients easy and convenient access to the equity in their home through a credit card; without having to break their existing mortgage.
| PRODUCT FEATURES | |
| Deal type | Refinance |
| Property type | Owner-occupied and rental properties |
| Borrower qualification | Greater of the contract rate + 2% or minimum qualifying rate |
| FICO ® Score | No minimum FICO Score |
| Credit limit minimum | $30,000 Platinum/Leader/Partner $50,000 Producer/Builder $75,000 Explorer |
| Credit limit maximum | Up to $1,000,000 in 1 st or 2 nd position |
| LTV | Up to 80% – ELV portion cannot exceed 65% of the property value |
| Amortization | Revolving |
| GDS/TDS | Flexible |
| Area | Marketable urban and suburban properties (excluding QC) |
| Closing process | FCT or Solicitor |
| Lender fee | 2% |
| Minimum payment | Is calculated using the rate based on the outstanding balance as follows: 5.99% – 0.75% | 6.99-9.99% – 1% | 10.99 -12.99% – 1.25% |
| Spire | Compensation applies |
*Visa Int./Home Trust Company, licensed user mark.
1% cashback
on all eligible purchases
Low-cost
access to Home Equity
Fully open –
no prepayment penalty
No
annual fee
| Total combined LTV | Under 620 FICO Score | 620-649 FICO Score | 650-679 FICO Score | Over 680 FICO Score |
| Less than 65% LTV | 8.99% | 7.99% | 6.99% | 5.99% |
| 65% LTV | 9.99% | 8.99% | 7.99% | 6.99% |
| 70% LTV | 10.99% | 9.99% | 8.99% | 7.99% |
| 75% LTV | 11.99% | 10.99% | 9.99% | 8.99% |
| 80% LTV | 12.99% | 11.99% | 10.99% | 9.99% |
LOFT BROKER PORTAL
Manage your applications, check your Spire performance and access
Home Trust rates and resources by logging into: loft.hometrust.ca
Closing an Equity line ® Visa *
for debt consolidation
Husband and wife need an Equity line Visa to
consolidate recent debt they incurred from
paying for tuition for two children in university
Clients were employed full-time with bruised credit due to over utilisation
Solution
A $100K ELV in second position with a total combined LTV of
75%. This allowed the clients to avoid breaking their first
mortgage at a great low rate and consolidate all of their credit
facilities while leaving some room for any future needs.
Talk to your Business Development Manager today to learn more.
*Visa Int./ Home Trust Company, licensed user mark.