Our Mortgage Calculators
Explore all you need to know about your new home: compare mortgages, get your estimated monthly payments, and discover how much of a mortgage you qualify for.
HOMEWORKS
Reach your goals faster with our flexible lending solution
HOMEWORKS
Using the value you’ve built in your home, HOMEWORKS® is a flexible credit tool that lets you consolidate debt, renovate your home, grow investments or simply prepare for unexpected expenses at a fraction of the cost of other lending options.
Whatever your goals, HOMEWORKS® grants you the freedom to access credit when and how you need it.
Save time, save money, and reach your goals faster with the flexible lending of HOMEWORKS®.
Consolidate multiple high-interest debt-payments into a single, lower-interest expense, potentially saving you hundreds of dollars a month.
Finance larger-ticket items such as a car or a home renovation and only pay for the funds you access, often at a much lower interest rate than other lending.
Top-up investments or take advantage of contribution matching programs for registered savings programs (RSPs). Talk to our experts about a home equity line of credit and a HOMEWORKS® product.
Common questions about HOMEWORKS®
What is CWB HOMEWORKS?
HOMEWORKS is a flexible credit tool that lets you use the equity you have in your home to fund your financial goals at a fraction of the cost of other borrowing options. You may choose to use your credit to consolidate debt, renovate your home, grow investments, or simply prepare for unexpected expenses.
Who can apply for HOMEWORKS
HOMEWORKS is available to homeowners who have a minimum of 20% equity in their home, or individuals who are purchasing a home with a minimum 20% down payment*
What is the difference between HOMEWORKS and a mortgage?
There are a few differences between a traditional mortgage and CWB HOMEWORKS. You can borrow more against your home’s total property value with a traditional mortgage, and the full amount plus interest must be paid back over a set period. With CWB HOMEWORKS, you can access the equity you have in your home through a variety of different borrowing options, such as a term loan, mortgage or a home equity line of credit (HELOC), If your HOMEWORKS is set up with a HELOC, the interest rate is usually lower than other borrowing options and you only pay interest on the amount of money you use versus the full amount. Plus, with the HELOC you have more flexibility in repayment options. You can repay your entire balance without a penalty and borrow the money again and again. Both borrowing options have their advantages. Speak with your Relationship Manager to discuss which is best for you and your goals.
What is home equity?
The equity you have in your home is
the difference between the total amount you owe on your house and its current
value. Your equity can grow as you pay off the amount you owe on your home or
if the value of your home increases.
What products can I have under HOMEWORKS?
The equity you have in your home is
the difference between the total amount you owe on your house and its current
value. Your equity can grow as you pay off the amount you owe on your home or
if the value of your home increases.
What are the benefits of a HOMEWORKS secured line of credit?
- Commonly referred to as a Heloc
- Often comes with a lower annual interest rate than other borrowing products
- Gives you easy access to credit when you want or need it the most
- Allows you to make flexible payments, since often you need to pay only the monthly interest on the amount you used
- No prepayment charges or penalties if you choose to pay off the full balance owing
- You can access your credit again in the future
How do I access my funds once the HOMEWORKS secured line of credit is set up?
Your HELOC is linked to a CWB bank account that you can use the same way as your other personal accounts. When you withdraw funds from the account, they are taken from the available credit limit of your HELOC. Funds can be withdrawn using your debit card, through CWB online banking, at an ATM or CWB banking centre, or by cheque.
How do HOMEWORKS secured line of credit payments work?
You accrue monthly interest only on the amount you use or carry over from the previous month. Payments are due the first week of the following month.
For example, if you have a HELOC with a limit of $200,000 and use $30,000 of it in the prior month, you will be charged interest only against the $30,000 that you used. A HELOC has no prepayment charges and offers three monthly payment types with the most common being interest only.
- Monthly interest only based on the total amount you’ve used
- Fixed percentage of your monthly outstanding balance (i.e., 2% or 3%)
- Fixed monthly payment
How do I make a HOMEWORKS secured line of credit payment?
You can easily make a payment by deposit or by transferring funds into your linked CWB bank account using online banking, or at an ATM or CWB banking centre. The payment amount is applied to the monthly interest amount plus the outstanding balance of your HELOC.
How does the interest rate work?
You only pay interest on the amount you use. The interest rate of your HELOC is linked to the CWB Prime Rate3. Your interest will fluctuate as the CWB Prime Rate increases or decreases.
What is the minimum payment required on a HOMEWORKS secured line of credit?
A HELOC offers three monthly payment types with the most common being interest only.
- Monthly interest only, based on the total amount you’ve used
- Fixed percentage of your monthly outstanding balance (i.e., 2% or 3%)
- Negotiable fixed monthly payment amount
Is there a pre-payment penalty or can I pay off my HOMEWORKS secured line of credit at any time?
There are no pre-payment penalties. One of the advantages of a HELOC is that you can repay a portion or the full amount of your balance at any time. Your can also borrow the money again at any time.
Are there any fees associated with a HOMEWORKS secured line of credit?
There are no pre-payment penalties. One of the advantages of a HELOC is that you can repay a portion or the full amount of your balance at any time. Your can also borrow the money again at any time.
How much can I borrow with a HOMEWORKS secured line of credit?
You may be able to borrow up to 65% of your home’s total property value. To borrow up to 80% of your home’s value consider a term reducing product, such as a CWB mortgage.
Complementary Product
Terms and Conditions
1Available for lines of credit only.
2Only once per HOMEWORKS® plan.
3CWB CAD Prime Rate is the variable annual interest rate published by us from time to time and is the interest rate we will use as a reference to determine (1) the variable interest rate that we will charge for loans provided by us in Canadian dollars in Canada and (2) the variable interest rate paid on certain guaranteed investment certificates.