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With CIBC’s Home Power Plan®, you can take advantage of the equity you have in your existing home to buy another property. You can combine a line of credit and a mortgage, in order to consolidate all of your personal credit under one simple, low-interest and secured borrowing solution, which can be adjusted to meet your changing needs.
You can also use this line of credit even if you don’t currently own a home.
Whether youre looking at purchasing a primary or secondary residence, there are pros and cons to buying with a home equity line of credit as opposed to a traditional mortgage.
Buying a house with a home equity line of credit has several benefits that a mortgage doesnt offer.
You may prefer to go the route of a traditional mortgage, as many homebuyers do, if you would rather not explore investment opportunities, or have less than a 20% down payment.
If you dont play the stock market or wish to spend time exploring investment opportunities that could result in tax deductions, that aspect of the home equity line of credit would be of little use to you. With a mortgage, your involvement doesnt have to extend beyond the monthly payments.
With a traditional mortgage, you dont need to have a 20% down payment. In the event you dont have that much or would simply prefer not to put down that much, you have the option of lower down payments.
To help you make the final decision, you should consult your tax and/or investment advisors. No matter which route you choose, CIBC offers competitive rates and repayment terms that can make your dream of homeownership a reality. Work with a CIBC advisor at 1-866-525-8622 to start your application for a home equity line of credit online.
This information is not intended to be and should not be relied upon as financial advice. Speak with a CIBC advisor for details about CIBC lending products. Personal lending products and residential mortgages offered by CIBC are subject to CIBC's lending criteria and credit approval.
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