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- The Equity Plus VISA combines the advantages of a line of credit
with the convenience of a credit card using the equity in your home as
security.
What is Equity?
- The equity in your home is the difference between the value of your home
and the amount you still owe on your mortgage.
What can I use my Equity Plus VISA for?
- Your Equity Plus VISA is available to use any way you want. Whether
it’s those small everyday purchases, consolidating your debt, vacation
planning or home improvements, your Equity Plus VISA works for you.
What amount can I borrow?
- At Home Trust you can borrow up to 85% of the value of your home less any
mortgages on the property.
What is the minimum monthly payment?
- The minimum monthly payment is half of most other major credit cards, at
1.5% of the outstanding balance or $10.00, whichever is greater.
Is there an annual fee?
- No, there is no annual fee with your Equity Plus VISA.
How much can I spend?
- You can make purchases up to your credit limit. The amount of credit still
available at any point of time will vary depending on your current
outstanding balance.
How do I make a payment?
- A Pre-authorized chequing form is completed at the time you receive your
card. Additional payments can be mailed in the envelope provided with
your monthly statement. You also have the option of paying through online
and telephone banking through the Bank of Nova Scotia, Toronto Dominion
Bank, Canadian Imperial Bank of Commerce, Royal Bank, The Alberta Treasury,
President’s Choice Financial and the Bank of Montreal.
What is the grace period?
- Equity Plus VISA has a grace period of 21 days. The grace period is
the time between the statement date and the payment due date during which
you are not charged interest on your purchases. Cash advances are not
included in the grace period.
How long will I have my line of credit?
- The Equity Plus VISA line of credit is yours as long as you own
your home.
How do I access my line of credit?
- There are many ways to access your line of credit by writing a convenience
cheque, using any ATM machine with a VISA logo or use your credit card!
Can I get a cash advance?
- Yes, you can withdraw money from an ATM or visit any bank branch with a
VISA logo.
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PRODUCT INFORMATION
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