The RMG SmartLink Mortgage is a mortgage and line of credit in one. As you pay down your mortgage, the limit on your line of credit automatically increase, giving you the freedom and flexibility to leverage the equity you have built in your home, whenever you need to.

There’s no need to refinance your mortgage or requalify for a new loan whenever you wish to access your home equity – whether it’s to finance a renovation, a major purchase or post- secondary tuition. The line of credit is always available to you, up to 65% of the value of your home. And because it is secured against your property, it comes with a lower rate than most borrowing solutions available today.

Any payment you make against the principal of your mortgage will automatically increase the available funds on your line of credit.

The way your payment is applied to your line of credit depends on the loan-to-value ratio (or LTV) of your total loan (i.e., your mortgage and line of credit).

Your LTV compares the amount of money you’re borrowing with the purchase price or market value of your home.

If your combined loan is greater than 65% of the purchase price or market value of your home, a portion of your payment will go towards reducing your overall mortgage amount. As you pay down your mortgage balance, your available credit will increase.

When your combined loan is less than or equal to 65% of your home’s value, any payments made against the principal of your mortgage will increase the available limit on your line of credit on a 1-1 basis.