We’re fortunate enough at Pace to be one of the few mortgage brokerages in Alberta to have a new product available for our clients.
• A combination of a mortgage and Home Equity Line of Credit (HELOC) all in one product. So you can have a fixed 5 year term, and an open, interest only portion as well.
• First time this type of product is available outside the Big 5 Banks.
• We can register the HELOC for a $1 balance, and each month as your mortgage is paid down, your line of credit limit increases.
• More attractive penalty calculations on the fixed portion of the mortgage than the banks, and no penalty for prepayment of the HELOC portion.
• Very competitive rates on the fixed portion and Prime + 1/2% interest only payment on the HELOC portion.
* Restrictions apply, call for more details