Home Plus Plan

Equity in Your Home?

A Home Plus Plan has built in flexibility that lets you decide how to use the equity in your home to build your dreams.

Overview

A Home Plus Plan has built in flexibility that lets you decide how to use the equity in your home to build your dreams. Once in place, a Home Plus Plan gives you control over how and when you use your available credit limit.

  • Revolving Credit1
  • Variable Interest Rate2
  • Apply just once to establish your Home Plus Plan initial credit limit and secure your borrowing with a minimum 20% equity in your home3.
  • Borrow up to 80% of your home’s current appraised value and can potentially save on borrowing costs for as long as you own your home2.
  • Manage repayment options by separating available credit into different sub-loans4.
  • Choose from a range of loan products that meet your needs
  • Upon request, all or a portion of repaid amounts may be re-advanced.

Additional Information

  • Security must be first mortgage on owner occupied, primary residence
  • Valid fire insurance and assignment is required for the secured property
  • Cost of credit and any fees will be disclosed at time of approval
  • Optional life, disability, loss of employment (GMP rider) and critical illness (GMP rider) is available5.

Payment Information

  • Interest only on the revolving credit loan6 - due monthly
  • No prepayment penalty on the revolving credit loan7
  • Sub-loan payments will be set at time of loan approval
  • Sub-loan may be subject to a prepayment penalty
  1. Loan must remain in good standing for continuing credit.
  2. A variable rate will change when the prime rate changes. If rates go down, the interest payment will decrease. If you select a sub-loan at any time, the interest rate applicable to the sub-loan may be different.
  3. All applicants must meet Conexus Credit Union lending criteria for loan approval.
  4. Applicable terms will be disclosed at time of approval. The number of sub-loans permitted may be limited.
  5. GMP (Group Mortgage Protection) is purchased separately through CUMIS.
  6. Subject to Conexus lending approval.
  7. Unless there is a sub-loan, in which case the prepayment terms of the sub-loan will apply.