For example displayed, the monthly payment is based on a twenty five year amortization. Example rates are the annual rate of interest compounded monthly. Lender fees apply which would increase the equivalent effective rate. Rates and fees subject to change and may vary with equity available area and current status. Upon verification of your equity position and confirmation of your current eligibility by our lenders, we can provide a loan as per the examples herein. You would receive the full cash advance as net proceeds to you or paid on account on your behalf (which may include paying prior charges). The mortgage is set on a two year term. The second year payment is set as an interest only payment amount based on the advertised Bank of Nova Scotia Prime Lending Rate (BNSPLR) plus 4.79%. The gross mortgage amount / annual percentage rate / second year monthly payment / total cost of credit are $240,100.00 / 9.77% / $1,525.69 / $46,156.53. The Gross amount of the aforesaid mortgages include all costs for establishing the mortgage and arranging funds. The variance between gross and net amounts accounts for lender, discount, miscellaneous, legal, and application fees. These fees are charged by third parties and the lender for establishing and arranging the loan. The fees in the examples are for illustrative purpose. Additional or lesser fees may apply which would further increase or decrease the gross amount of the mortgage loan payable and therefore the effective rate of interest charged. During the mortgage contract there is an early payout penalty of six months interest. Approval is subject to equity available and may require consolidation of a prior registered interest or other unregistered financing. Interest rates and fees are for example purposes only and are subject to equity available, area, and current status, further either may change without notice.