You might already know that here at Dominion Lending we offer a unique "home equity line of credit" kind of mortgage that is in "Visa Credit Card" format - called our "Equity-Line Home Trust Visa." It operates JUST like a regular credit card in the end, and can help you establish or reestablish your credit and shop and pay bills both online and offline - just like normal/non-mortgage credit cards can.
So yes: it's basically a 'Mortgage' combined with a 'Credit Card.' We create this Visa Credit Card here at Dominion Lending by putting a first or second mortgage on your home property to take equity out of that property - and then we put it in 'Visa Credit Card format' so you can use that equity as you wish. It comes with some nice credit card offers too - like a 1%-Cash-Back program on all eligible purchases, as well as purchase protection insurance that lasts 90 days for all eligible items you buy with your Equity-Line Home Trust Visa - to give you some coverage on those items in the event that they are damaged or stolen.
Now let's talk about fees that you might have to pay or not-pay for your new Equity-Line Home Trust Visa. Just like when you get any mortgage in Canada from any bank or trust company, the fees can vary. There will for sure be around $35 charged for a 'Land Title Search Fee' - but great news, that can be charged to your new Equity-Line Visa - so you don't have to pay cash for that fee upfront. Then also, depending on how you qualify for this unique mortgage/equity-take-out-loan - a "Set-Up-Fee" of up to 3% of the loan amount could be charged - but don't worry: this fee can be charged to your new Equity-Line Visa - so you won't have to pay it up front either. The only fee you'd probably have to pay upfront would be a "First Canadian title" basic fee usually around $586. Our Dominion Lending Centres mortgage-agents will let you know about any other fees that you'd need to pay - but usually these are the only fees, and since most of them can be charged to your new Equity-Line Home Trust Card, it can be a pretty affordable home equity line of credit!
Apply here online at Dominion Lending Centres, for our Equity-Line Home Trust Visa Credit Card today - just fill out our: Mortgage/Equity-Line Home Trust Visa Application!