• Last Updated:
  • Feb 6th, 2017 2:58 pm
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[OP]
Newbie
Feb 5, 2017
6 posts

Heloc Help

Hello to the lovely and talented people on RFD.

I just needed your advice on my current situation.

I'm 28 years old single male.

I currently own a condo in Mississauga beside SQ1 that's worth about $310,000(2016 estimate.) I have a private mortgage ($240k) that I'm paying 7%.
My credit score is 585. The reason my credit score is low because of my credit card which is maxed at the 5k limit. I have no other debts. I wanted to get a Heloc of $10k to pay off my debts, fix my credit score, and renew my mortgage which is maturing in May but is open.
Based on this situation, would I be able to obtain a Heloc?
3 replies
Member
Jun 10, 2008
468 posts
334 upvotes
Halton Hills
This is definitely a question for your financial institution.
Deal Fanatic
User avatar
Feb 2, 2014
8881 posts
2543 upvotes
Toronto
You're not going to get a HELOC from a sub-prime lender behind a private mortgage.

If you have good income, I would just refinance and get better rates. Sub-prime mortgages are around 4% fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Dec 31, 2015
136 posts
28 upvotes
RFD2017 wrote: Hello to the lovely and talented people on RFD.

I just needed your advice on my current situation.

I'm 28 years old single male.

I currently own a condo in Mississauga beside SQ1 that's worth about $310,000(2016 estimate.) I have a private mortgage ($240k) that I'm paying 7%.
My credit score is 585. The reason my credit score is low because of my credit card which is maxed at the 5k limit. I have no other debts. I wanted to get a Heloc of $10k to pay off my debts, fix my credit score, and renew my mortgage which is maturing in May but is open.
Based on this situation, would I be able to obtain a Heloc?
WAY more to this story than just 1 credit card sitting at $5000.

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