There are various options on the market that combine several mortgage products. You could benefit from such a line of credit or closed mortgages with different terms (1 year, 5 years and variable), all secured by a first mortgage that may exceed the value of your property. This, to cover your future needs without having to pay back the legal fees.
The maximum amount that can be used immediately is 80% of the current value of your property. The interest rate on the line of credit is calculated monthly on the borrowed amount. This is an open mortgage for which it is possible to pay only the monthly interest. The advantages of a line are numerous. It may be used if necessary to make renovations or to pay credit card interest rates higher. If you anticipate large inflows, there is no limit to the amount of repayments and no penalty.
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