Equitable Bank introduces Home Equity Line of Credit
Available on new home purchases, renewals, refinancings
TORONTO, Nov. 25, 2013 /CNW/ - Equitable Bank, a wholly owned subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.A), today announced the launch of the Equitable Bank Home Equity Line of Credit ("HELOC"), a powerful new tool that enables homeowners to get more out of their mortgage combined with a line of credit.
Equitable Bank's HELOC provides a line of credit facility, at competitive interest rates, for homeowners to use whenever they see fit, and is accessible through an Equitable Bank Visa® Gold Access Card and Equitable Bank cheques.
"We designed our Home Equity Line of Credit so that it would be a true financial liberator for Equitable Bank's Single Family residential customers," said Andrew Moor, President and CEO. "After working with our mortgage broker partners, we believe this will become a choice for Canadians wishing to use the equity in their homes on an economical basis to fund what's important to them. Be it a child's education, a renovation, a major purchase or the cash flow needs of the self-employed, we're proud that the Equitable Bank HELOC stands ready to assist our customers in reaching their personal goals faster."
Equitable Bank's HELOC is a revolving line of credit, secured by an Equitable collateral mortgage. The HELOC is easy to access through the Equitable Bank Visa® Gold Access Card that can be used anywhere Visa is accepted, and for cash advances from ATMs displaying the Visa® and/or Plus® logos. In addition, borrowers will receive their initial set of personalized HELOC cheques free of charge.
"We recognize that each of our borrowers, whether they are in business-for-self or new to Canada, has unique and changing cash flow needs, and that's why the Equitable Bank Home Equity Line of Credit is such an important financial tool and addition to our product suite," said Mr. Moor. "To ensure it serves the broadest customer audience possible, the Bank has made it available as a value-added feature on new home purchases, renewals and refinancings in combination with a mortgage. We've also developed a streamlined process to make applying easy."
More information about the Equitable Bank Home Equity Line of Credit is available at www.equitablebank.ca.
®Visa Int./Peoples Trust Company licensed user. The Visa Access Card is issued by Peoples Trust Company, a TM licensee of Visa Int.
ABOUT EQUITABLE BANK
Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $12 billion, with over 300 skilled employees and proven capabilities in lending and deposit-taking. The Company's integrated operations are organized according to specialty. Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis. Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act. Equitable Bank provides savings products including Guaranteed Investment Certificates and savings accounts. Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. Equitable Bank was founded in 1970 as The Equitable Trust Company. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
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President and CEO