Increasing Line of Credit portion on readvanceable mortgage

[Kevin Suarez Sabugo]

Hi BP,

I bought a property in Ontario with a readvanceable mortgage and the property has since then increased a lot in value. I would like the line of credit attached to the mortgage to reflect the new equity value.

My question is how should I go about that and what does the process entail. 

I assume an appraisal will be commended by the bank. I'm a bit worried that they might ask to reevaluate my personal income which is not stable right now.

For info, it is a STEP mortgage with Scotiabank that I got through a mortgage broker and my residency is in Canada.

Thanks in advance,