Realtor ELV - Frequently Asked Questions

What Is The Realtor ELV?

I have a Credit Score under 650, and some late payments last year, do I still qualify?

Yes! Credit Score is only one of the components that are used to qualify a client for the Realtor® ELV. We do not turn down applications based on a weak score alone, we encourage you to apply.

Can I use the Realtor® ELV to payoff my credit cards and other debt?

Yes! Because the Interest Rates offered for the Realtor® ELV are so low compared to other credit facilities and Private Mortgages, Realtors® often use it to consolidate all their debt.

By doing so, it saves you thousands of dollars in interest, builds your credit score, and simplifies your life by only having to make one payment a month.

I don’t want to use my home to secure the Realtor ELV, can I get the ELV on my Residential Rental Property?

Absolutely. Not only can you use your Rental Property to qualify for the ELV, but unlike the Banks, we can use 100% of your Rental Revenue as income. Which means you could be approved for a much higher limit.

As for documents, we would need the standard paperwork: Mortgage Statement, Property Tax Bill, and Lease Agreements.

The bank told me that if consolidate all my Credit Card debt into my HELOC that I will have to cancel my credit cards once they are paid off. Does it work the same way with the Realtor® ELV?

NO. Unlike the Bank, you will not be required to close any Credit Card or Line of Credit facility once it has been paid off using the ELV.

Is the Realtor® ELV a Home Line of Credit or a Credit Card?

It's actually both! With the ELV you have the advantages of a Home Equity Line of Credit but with all the benefits of Credit Card.

I want to add the Realtor® ELV on my home, what documents do I need to be approved?

We have made the approval process as easy as possible. If you are the sole owner of your home or rental property, we would only need the following documents from to approve you for REALTOR ELV:

- Equity Line Application*

- 2016 / 2017 T4A

- Property Tax Bill

-Copies of your I.D

- Current Mortgage Statements (if any)

How long does it take to get approved and get the Realtor® ELV activated?

It takes about 10 business days from the time we receive your application to the day your Realtor® ELV Card is issued. However, that may change slightly based on appraiser availability.

Before I send you my application and personal documents, how do I know that your company is real and that my information is protected?

Great Question. The Realtor® Home Equityline Visa is an exclusive Lending Product issued from our Brokerage. We are registered Mortgage Brokers and are Licenced under the FSCO (FINANCIAL SERVICE COMMISION OF ONTARIO).

We are required to provide our Mortgage Broker and Brokerage Licence Number on our Website, Marketing, and email communication. You can verify our Licence number by going to the FSCO website:

The Realtor Equityline Visa is a product issued and managed by Home Trust Canada. Their Website is

Do you work for the Credit Card Company or the Bank?


WE REPRESENT YOU, THE CLIENT and have a fidiciury responsibility to work in your best interests. Banks do not necessarity work in your best interests. They hide important clauses in the fine print, advertise short-term promo rates only to jack up the rate later...

We are Licenced Mortgage Brokers in Canada and are licenced under the FSCO.

The Realtor® ELV is an exclusive product that our brokerage is offering, but make no mistake, we are representing you when we submit your application for the Realtor® ELV.

How is my Monthly Payment Calculated when I draw money or make purchases using my Realtor ELV.

The Monthly Payment for charges on the Realtor ELV is dependent on the Interest Rate that you qualified for. The breakdown is as follows:

  • For Rates Between 4.99% to 5.99% the Monthly Payment is 0.75% of the Balance.
  • For Rates Between 6.99% to 9.99% the Monthly Payment is 1.00% of the Balance.
It is important to remember that there are NO Annual Fee and NO Monthly Fees for the Realtor ELV. Also, there is a 21 Day No Interest Grace Period when make purchases with the ELV.

What is The Realtor® Home Equityline VISA?

Simply put, the Realtor ELV is the combination of a Home Equity Line of Credit (HELOC) attached to a VISA CREDIT CARD. The Realtor ELV has all the benefits of a Secured Home Line of Credit with all the Perks of PLATINUM VISA CARD.

What is the difference between a regular HELOC and The Realtor® ELV?

1% Cashback, 21 Day Interest Free Period, Commission Statements VS TAX papers.

Approval Process

Do you need to request a copy of my Credit Bureau?

Yes. Pulling a Credit Bureau on every applicant is part of the approval process.

Why can I be approved for a higher limit as a Realtor® for an ELV than I can at the bank for a HELOC?

Unfortunately, Banks do not accept Commission reported on T4As as income to qualify for any mortgage or lending product. If you are a commissioned employee, the banks will only accept the income you declared to Revenue Canada on line 150, which is the income amount reported after expenses are deducted.

The Realtor® ELV accepts 100% of your Commission Income on your T4As, which means you can qualify for thousands of dollars more than any HELOC offered at the Bank.

My husband/wife is also on title for our home, If I want to apply for the Realtor® ELV do you need my spouse's information too?

Yes. We need an application and information for anyone who is on title on your home or rental property.

However, if the Income reported on your T4As is strong enough, we may not need the employment documents from your spouse to qualify you for the Credit Line.

I don’t own a home, can I apply for the Realtor ELV?

No. The Realtor® Equity Line Visa must be secured against a residential property.

How long do I have to be working as a Realtor® in order to be eligible for the Equityline Visa?

Ideally you will have been working as a Realtor® for at least 2 full tax years. That way we use the 2 year average of your Commission Income stated on you T4A to qualify you for the Credit Line.

However, if you have only been working for 1 full year, we will still consider your application, so long as you can demonstrate that you have future commission income coming later in the year. If this is the case, then please set up a time to discuss the details with one of our representatives.

I understand that the Realtor® Equity Line Visa is a Card, but can I use it at the ATM?

And if I wanted to withdraw a large amount of cash like $10,000, how would I do so?

Yes. You can definitely use the ELV at the ATM and use it to make purchases at any business that accepts VISA or DEBIT.

You will also be issued Cheques with your ELV, so you can write a cheque to anyone. If you need to access to a large sum of funds (like $10,000 in cash), just write a cheque to yourself and cash it at your bank.

I want to apply for the Realtor® ELV, but my home has a first mortgage with RBC. Can the ELV go in Second Position behind my first mortgage? And is it true that Second Mortgages always carry a higher interest rate?

The Realtor® ELV can always go in Second Position behind a first mortgage, as long as the first position is held by a major bank or credit union.

The best part is that being in First or Second doesn’t affect the interest rate of the ELV. It will be the same either way. What Bank or Private Lender can say that?

I am behind in paying my Property Taxes. Do I have to pay my outstanding Property Taxes before I apply for the Realtor® ELV?

No. You can apply and be approved for the Realtor® ELV if you have not paid you Property Taxes.

However, before the ELV can be issued, all Property Taxes must be paid and be up to date. Buut you can use the ELV to pay the taxes. How amazing is that?!

Can you explain the "4 Step Process" in more detail?

We have tried to simplify and streamline the process as much as possible.


First, we have a quick 5 minute phone call with you before you send us your paperwork. It's important that you understnd the process, and the product in detail. We also let you know what documentation we need. You can then email or fax the application and documents to our office.


We usually will have an approval for you within 5 business days. Within those 5 days we might have a few additional discussions as questions arise while we prepare your application for submission.

Your Approval will include a Credit Limit amount and an interest rate. If you are satisfied with those terms, we will move forward. If you don’t like the terms, we can cancel the application at no cost to you.


After you accept the terms, we will issue you a formal ELV Commitment that outlines in very specific terms the details of the Realtor® ELV.

We will send you the Commitment and one of our Mortgage Agents will review the document page by page with you on the phone or in person. It is important to note that we represent you in this transaction and must work for you best interest. We do not work for the bank.

After you sign the commitment, we order an appraisal for your property. The appraiser will contact you directly to make an appointment to view your property. The inspection will take around 15 minutes. The appraisal will be completed within 3 business days.


Once the appraisal is received and the value of your home confirmed, we will set up a closing date for you to visit your lawyer and sign the final documents and receive your Equityline Visa. Done!

Is the Realtor® ELV a Home Line of Credit or a Credit Card?

It's actually both! With the ELV you have the advantages of a Home Equity Line of Credit but with all the benefits of Credit Card.

What Income Docs Do I Need to Provide to Be Approved for The Realtor ELV?

The Realtor ELV is the only Credit Line that accepts 100% of your Commission Income reported on your T4A. Banks and other Lenders qualify Realtors using the much lower income reported on your Notice of Assessment.

Fees & Costs

Will I be charged any Fees to apply for the Realtor ELV?

Nope. There are no upfront Fees to submit your application for the Credit Line.

I have been approved for $100,000 Credit Line. What are the costs to activate the ELV?

After you have accepted the approval, we then order an appraisal to confirm the value of your property. The cost of the appraisal ranges from $250 to $400 depending on the location of your property and its value. We will order the appraisal for you, and you can pay the appraiser directly online.

After the appraisal is completed the only remaining costs are Legal Fees which are approx. $700 and the Processing Fee (2.99% of the Credit Limit). You do not have to pay for the Legal and Processing Fees out of pocket, they will be charged to your ELV card.

Can I use my own Lawyer to register the Realtor® ELV?

Yes. You can use your own lawyer to register the Credit Line or we can send a Lawyer to your home/office to sign the documents and issue you the Realtor® ELV onsite.

Why are the interest rates on the Realtor ELV higher than the HELOC at the Bank?

The interest rates offered by the Realtor® ELV start at 4.99% which are very similar to the rates the Banks are typically offering for their HELOCs.

However, the Realtor® ELV has all the benefits of a HIGH END Credit Card such as 1% Cashback, Travel Protection, Roadside Assistance and the ability to add the Realtor® ELV to your Rental Property - which no Bank in Canada offers.

Ultimately, the benefits you receive with the Realtor® ELV by far exceed a HELOC from the bank.

Do I need to order an appraisal for my home? How much does it cost?

Yes. An appraisal is always required when a property is being used as security for a Credit Line. But we only order an appraisal after we approved you for the Realtor® ELV and you accept the rate and credit limit.

The appraisal is mandatory to advise the lender of the value of your home. Note: The credit limit on your card may increase / decrease depending on the value reported by the appraiser.

How are the monthly payments calculated when I use the Realtor® ELV?

You only pay interest on the credit you've used.

The monthly payment is 1% of your balance. For example, if you had a balance of $50,000 on your card, your monthly payment would be $500. Which is quite low compared to other lending products on the market.

Are there any Monthly or Annual Fees?


The interest rates offered range from 4.99% - 9.99%. How is my interest rate determined?

Determining what Interest rate you are approved for depends on numerous factors.

The main considerations are: Credit Score and History, the Loan to Value of the ELV, and the marketability of the Property. It's our job to get every client the lowest interest rate and the largest Credit Limit amount possible.