Laurentian Bank: Laurentian Bank of Canada.
Some conditions apply, including regarding the eligible property type. Subject to compliance with Laurentian Bank underwriting and qualification criteria. Qualification is based on several factors, including the borrower’s sufficient revenues to cover a reimbursement of capital and interest based on a 25-year amortization at the qualifying rate in effect for a home equity line of credit. The amount of financing granted is subject to credit approval by Laurentian Bank and depends on the financial situation of each individual client.
The total debt secured by the mortgage on the principal residence, including the Retirement Line of Credit portion, must not exceed 50% of the current market value of the principal residence. The balance of the existing financing must not exceed 25% of the current market value of the property to be eligible. The Retirement Line of Credit is financing issued in the form of a home equity line of credit. Evaluation fees apply and may vary depending on the specific circumstances of each refinancing request. You must assume these costs. To find out the exact amount, please contact your advisor. No signature by power of attorney will be accepted. Only the homeowner(s) are authorized to sign mortgage documents. First-rank mortgage only.
Talk to your advisor to find out the current line of credit base rate.
The minimum payment must cover at least the accrued monthly interest. Minimum payment of $10.