The "trouble" with that scenario is that banks are terrible in providing adequate information regarding a Heloc in 2nd position. You may be lucky and get the right person at your bank, but often the employees at some of the branches simply have no idea how their own products work. I currently have a Heloc with CIBC behind my mortgage with a monoline lender, paid zero dollars in fees or appraisal.. and still got P+.50%. But had to talk to several people from different branches until I found the right person. Someone else, at the same branch where I eventually got the deal done, even told me "CIBC does not offer Helocs..." The amount of misinformation is just absurd, but it can be done. Just requires some leg work.
bestbuy00 wrote: ↑Oct 24th, 2017 12:43 pmI have a conventional mortgage now. I need to access HELOC for cashflow. My two options are discharge the conventional mortgage and put a collateral change over the mortgage and HELOC together OR leave the conventional mortgage alone and put a second charge that's collateral for the HELOC.
What are the advantages and disadvantages of each option? Are there otber options for cheaper access to capital that im missing? (Not going to refinance the moetgage) Thanks.
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