Non-Bank Lender CMLS Launches a HELOC

For those with 20%+ equity, HELOCs are just about the most popular product in the prime mortgage market. Over 2 million Canadians have one.

And now those shopping for a HELOC (home equity line of credit) have another option, this time from non-bank lender CMLS.

CMLS joins Scotiabank, Manulife Bank, B2B Bank, MCAP, Optimum and, soon, TD Canada Trust as national broker lenders with a prime HELOC. (There are also countless provincial lenders with HELOCs, like Meridian Credit Union.)

“A HELOC has been the most-requested product in every broker survey we’ve conducted for the last three years,” says Dan Putnam, Senior Vice President, Head of Residential Mortgages. “So we’re thrilled to have finally ticked that box.”

The CMLS Home Line is a mortgage plus HELOC (two separate charges on title). This is the first iteration of the product, the company says. It plans future upgrades, including an uninsured mortgage portion, a single-charge and full readvanceability.

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