CWB Optimum Mortgage

Understanding HOMEWORKS® home equity line of credit

Turn your home equity into opportunity.

Hand and house
  • Pay as much or as little as you want, as long as you meet the monthly minimum payment.
  • Pay interest only on the amount you use.
  • Manage your interest rate and maximize flexibility by splitting your available funds into three separate lines of credit.

Use your home equity line of credit (HELOC) to:

  • Renovate your home.
  • Purchase a vehicle.
  • Pay off credit cards.
  • Consolidate debt.
  • Take a vacation.
  • Pay a child’s tuition.
  • Purchase a rental or vacation property.
  • Take advantage of an investment opportunity.

HOMEWORKS® offers you the chance to:

  • Keep your old monthly payments and reduce debt faster or lower your monthly payments and have more funds at your disposal.
  • Mix and match with other banking products.
  • Split your mortgage between variable and fixed rates.
  • Customize a HELOC plan that fits your needs.
  • Pay as much or as little as you want, as long as you meet the monthly minimum payment.
  • Pay interest only on the amount you use (lines of credit only).

 

Other features:

  • Manage your interest rate and maximize your flexibility by splitting your mortgage into two or three different types of lines of credit, mortgages and/or loans. 
  • Get convenient access to your funds at one of Canadian Western Bank’s 41 branches or 2,400 ABMs across Canada.
  • Increase your HELOC limit if your home increases in value.
  • Access Canadian Western Bank’s E-Pay System—allowing you to transfer money to bank accounts with other financial institutions.

Your old plan:

 

Amount

Rate*

Monthly payment

Mortgage

$200,000

6.00%

$1,432

Car loan

$13,000

6.50%

$254

Credit card

$3,000

19.00%

$151

Line of credit

$8,000

7.00%

$350

Total

$224,000

 

$2,187

 

Your new plan with HOMEWORKS®:

 

Amount

Rate*

Monthly payment

HOMEWORKS loan

$224,000

5.00%

$1,200