A home equity line of credit is a flexible account that allows for repeated borrowing without having to re-apply each time. A second mortgage loan provides you with a fixed amount of money repayable over a fixed period. You might consider a second mortgage loan instead of a home equity line of credit if you need a set amount for a specific purpose, such as an addition to your home.

Please consult with your tax advisor.

Our home equity line of credit has a variable rate and our second mortgages have a fixed rate.

The maximum term is 25 years. This includes a 10-year draw period followed by a 15-year repayment period.

We will lend up to 90% of the equity in your property.

The minimum advance amount is $500.00, otherwise a fee is assessed.

You can access your line of credit at any of our offices, by writing a check, through Home Banking or CUTIPS.