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.
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.
- 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.
- 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
- Loan must remain in good standing for continuing credit.
- 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.
- All applicants must meet Conexus Credit Union lending criteria for loan approval.
- Applicable terms will be disclosed at time of approval. The number of sub-loans permitted may be limited.
- GMP (Group Mortgage Protection) is purchased separately through CUMIS.
- Subject to Conexus lending approval.
- Unless there is a sub-loan, in which case the prepayment terms of the sub-loan will apply.