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20% down Line of Credit Mortgage

A Home Equity Line of Credit (HELOC) is a great way to finance your home purchase. Lines of credits are now available on rental property.  Payment terms are interest only and the rate is at prime. 

Some of the benefits of having a line of credit are that is fully open and can be repaid at any time with no penalties. You can access additional funds up to your credit limit and use the funds for any purpose like investment, or another rental property purchase, education, renovation, debt consolidation and pay interest only.

HELOCs rate is a floating rate based on Prime. With 20% down the mortgage is conventional and no mortgage insurance is required.

20% Down Line of Credit  Example:

• Purchase price of $310,000
• Down payment $62,000
  
• Line of credit of $248,000
• PI $972 at prime
• Monthly rent is $2,000

• 20% Down Mortgage
• 20% Down Line of Credit
• Stated Income Mortgage (15% down)
• 10% Down Mortgage Genworth

It is the first time I ever used services of a mortgage broker, and for sure I will do it again. I am very pleased with Lena's service, level of expertise and what I find most important, she actually delivers what she promises - no games, no gimmicks. She got me an unbelievably low rate, met with me after work to sign all the papers, and her services cost me absolutely nothing. You can't go wrong here! Thank you!

Kim J. - Calgary

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