Real Estate

Questions about Simplii's "flexible" secured line of credit

  • Last Updated:
  • Aug 13th, 2021 7:36 pm
[OP]
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Mar 15, 2019
39 posts
70 upvotes

Questions about Simplii's "flexible" secured line of credit

Hello all,

Today I spoke with a Simplii mortgage specialist about their secured line of credit/HELOC. They said that as of around a year ago, Simplii offers a "flexible" version of this product such that you can apply to increase the limit at a later date without a new appraisal or paying any other fees, similar to a readvanceable mortgage.

I would guess they implement it by registering a collateral charge for more than the initial line of credit limit, but I can't find any information on their website. I have a fixed conventional mortgage and my lender (not Simplii) will not allow me to switch to their readvanceable mortgage product without paying a large penalty, so this seems like the next best thing.

Does anyone have any experience with this? Do other banks offer something similar? I sent an email to the mortgage specialist asking for more information as well.
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