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National-Bank Thanks to the credit crisis, lenders cut more products in 2008 than they launched.  But one lender stood out, unveiling what would become the year’s best new mortgage. 

In April 2008, National Bank re-launched its All-in-One mortgage/HELOC.  The new version fixed some nagging problems with the old All-in-One and made it the product to beat.

The All-in-One is now the only mortgage/HELOC in Canada with each of the following:

  • A line of credit that is linked to your mortgage
  • Interest cancellation (Positive chequing/savings balances offset your line of credit balance to save interest)
  • An immediate and automatic increase in your available credit line as you pay down your mortgage
  • The ability to choose multiple terms and rates for interest rate diversification (e.g.  a 5-year variable, a 5-year fixed, and an open HELOC—all in the same mortgage.)
  • Optional interest-only payments
  • Up to 99 line of credit sub-accounts (for segregating borrowing to track interest and balances separately)
  • Chequing privileges in each sub-account
  • A consolidated monthly banking/mortgage statement with online access and free online banking

In sum, we wish to congratulate National Bank for an excellent overall product—and the 2nd annual CMT Mortgage of the Year. 

Hopefully more lenders will be inspired to offer innovative products of their own in 2009.

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