With a Meritline home equity line of credit you are able to tap into the cash your house is holding captive! If you’re a homeowner who’s built up some solid equity in your home, flexibility in borrowing is now within reach! Unlike a conventional loan, once you decrease the balance owing by paying into the account, that money then becomes available for you to use again. A Meritline home equity line of credit is also mortgage secured.

  • Flexible payment options
  • Revolving credit – no reapplications
  • Lower interest rates than retail credit cards
  • You decide when and why to use the funds
  • Better interest rates because the credit is secured
  • Freedom to make lump sum payments
  • Prompt, one time approval


Appraised value of your home: $150,000
80% of appraised value:            $120,000
Present mortgage balance:      $   50,000

Available line of credit:               $ 70,000

You can borrow up to 80% of the appraised value of your home, less the outstanding balance of any mortgage. And in some cases, the interest is tax deductible. So go ahead and make that home improvement you didn’t think was possible. Erase those university loans. Consolidate some bills. The possibilities are endless.

Once your Meritline home equity line of credit is set up, just write a cheque on your PenFinancial Credit Union Chequing Account. Interest rates at PenFinancial are always competitive and with a PenFinancial Meritline, you don’t start to pay interest until you


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