A convenient, flexible way to get more from your home’s equity.
Welcome to the mortgage that is so much more. Total Access Home Equity™ is a convenient and flexible way to manage all of your credit needs under one mortgage product, putting the equity in your home to work for you.
- It’s convenient.
- It’s flexible.
- It saves you money.
How it works
Total Access Home Equity™ is a collateral mortgage that establishes an initial credit limit up to 80% of your home’s current value. With one approval, you can access this credit through multiple borrowing products, including mortgage loans, lines of credit, and overdrafts.
Features and Benefits
- Apply once to access to up to 80% of your home’s current value*.
- Access the equity in your home any time, for any reason.
- Customize your mortgage into fixed and variable rate solutions or between short and long-term solutions.
- Choose how flexible you want your payments to be. Set your own repayment options, amounts and schedules to suit you.
- Save interest charges by consolidating your existing debt under one product.
- Funds are easily accessible from lines of credit through online banking, ATMs, Global Payment™ MasterCard®, debit card, your credit union branch, or by cheque.
Do you qualify?
- If you have at least 20% equity in your home or 20% down for a new home purchase, this may be the right mortgage solution for you.
How to apply
- You can apply by booking an appointment with one of our mortgage specialists either by phone or in branch.
Frequently asked questions
What is the difference between a Home Equity Line of Credit and Total Access Home Equity™?
The two are similar but Total Access Home Equity™ gives you added flexibility by establishing a credit limit and allowing access to funds through multiple borrowing options under one product.
What is the difference between a traditional mortgage and a collateral mortgage?
The Total Access Home Equity™ mortgage is re-advanceable, allowing members to access the equity in their home at any time. A traditional mortgage requires members to enter into a new mortgage in order to borrow more money.
Traditional Mortgage vs. Total Access Home Equity™ (Collateral Mortgage)
Comparison |
Traditional Mortgage | Total Access Home Equity™ (Collateral Mortgage) |
| What is it? | A traditional mortgage is a registered charge against your home in the amount of the mortgage for your home. The agreement includes the terms of your mortgage: the interest rate, the term of the agreement, the payment amount and the principal amount owing. A traditional mortgage requires members to enter into a new mortgage in order to borrow more money. | The Total Access Home Equity™ mortgage is re-advanceable, allowing you to access the equity in your home at any time. You can choose how you want to allocate your approved credit limit, between fixed and variable mortgage loans, lines of credit and overdrafts. |
| How much is registered? | A traditional mortgage is registered for the actual amount of the mortgage loan. If you buy a home valued at $250,000 and borrow $200,000 through a traditional mortgage, your credit union will register the mortgage in the actual mortgage amount of $200,000. | A Total Access Home Equity™ mortgage can be registered for an amount higher than the amount you are borrowing to provide flexibility for future borrowing needs. For example, a credit union could register your mortgage for 100% of the value of your home when you are only borrowing 80% of the value of your home. If your home is valued at $300,000 and you only need a mortgage loan for $200,000, your credit union may register the mortgage loan for $300,000, enabling you to obtain additional loans later using the remaining $40,000 available. The benefit of registering your mortgage for a higher amount means you will not be required to discharge the mortgage and register a new one for a higher amount if you need to increase the total amount of credit available to you. |
| How does this affect a member’s ability to borrow more money? | If you want to borrow more money under your traditional mortgage, additional fees will be charged such as new mortgage registration fees, discharge fees for existing mortgages, legal fees, and other administration fees. | With Total Access Home Equity™, you can access credit up to 80% of your home’s current value without having to register a new mortgage as long as the amount borrowed does not exceed the principal amount secured against the property. As a result, you save on legal and registration fees. |
| What if a member wants to switch lenders? | With a traditional mortgage, if you want to switch to a new lender, you will have to pay a switch fee as well as other costs related to registering the transfer with the new lender. A new lender will typically accept the transfer if they are familiar with your credit union’s mortgage terms. | All lending secured by Total Access Home Equity™ (mortgage loans, lines of credit, overdrafts) must be paid out before the mortgage can be discharged. It is important to note that some lenders may not accept the transfer of a collateral mortgage like Total Access Home Equity™. |
| How is the mortgage discharged? | A traditional mortgage is discharged when the mortgage loan is paid in full. | A collateral mortgage, like Total Access Home Equity™, is discharged upon request when all the outstanding lending has been paid in full. |
How much equity would I have access to?
As long as you have 20% equity in your home, you can borrow up to 80% of your home’s current value.
When can I access my equity?
You can use the equity in your home for any reason, at any time. You can access funds through your line of credit portion of the Total Access Home Equity™, anytime using online banking, ATMs, Global Payment™ MasterCard®, debit card, your credit union branch or by cheque.
Are there any additional legal fees?
No. Future financing options under the established credit limit can be advanced under Total Access Home Equity™ without the legal cost of registering another mortgage.
What are my payment options?
You can determine your payment options by selecting amounts and schedules that best suit your needs. This product is tailored to you, not the other way around.
Is Total Access Home Equity™ transferrable?
All lending secured by Total Access Home Equity™ (mortgage loans, lines of credit, overdrafts) must be paid out before the mortgage can be discharged. It is important to note that some lenders may not accept the transfer of a collateral mortgage like Total Access Home Equity™.
