640k, renewal of existing mortgage.
House value around 1.1M
Originally purchased for 713K.
Currently have LOC
No need for LOC in the renewal
Renewal date May 17.
House purchased on May 2013.
Apr 18th, 2019 11:57 am
Apr 18th, 2019 11:57 am
Would need to know the property value
Apr 18th, 2019 12:01 pm
If we get a HELOC is it 65% of my property value?valuemortgage wrote: ↑ Most banks (except National Bank) will go behind other lenders in a Heloc. The problem is : half of the time you contact the bank employee, they have no idea how this works OR they will tell you it cannot be done, which is untrue. I have my own mortgage with Mcap and got CIBC to setup a Heloc behind Mcap, and both times I heard different stories from different branches. At one point, in the middle of the application the branch manager told me it was a hard stop and they could not proceed - no way to overcome that. But guess what - the branch close to my house was able to easily do it in a few days.
Along the process, I called TD bank and heard :
Employee #1 - we dont do Helocs in 2nd position, no matter what
Employee #2 - we do Helocs but as this would be in 2nd position the rate is higher (P-1.50%)
Employee #3 - we do Helocs and you get the regular rate, but must draw the funds and keep a negative balance for 3-4 months
Called BMO - 1 employee told me they would not go behind "a small lender such as Mcap" - which is very funny, knowing the relationship between BMO and Mcap.. the other employee told me BMO does not offer Helocs....
Each call to a branch resulted in a different answer. Most of the time they will tell you need to transfer the mortgage to get the Heloc - and they say this only because they want to sell a mortgage at any cost.
Simplii Financial has been easy for a lot of my customers. Lowest fees and no BS.
Apr 18th, 2019 12:38 pm
The amount you can take out in HELOC works like this: current house value X 80% = YYY then YYY minus mortgage balance, and you'll have your max heloc amount.
Apr 18th, 2019 12:50 pm
Apr 18th, 2019 1:17 pm
So would it work like this:financeg wrote: ↑ The amount you can take out in HELOC works like this: current house value X 80% = YYY then YYY minus mortgage balance, and you'll have your max heloc amount.
That max heloc can't go over 65% of your current house value, so it's the lowest amount between that formula or 65% of your current house value.
Apr 18th, 2019 1:18 pm
Apr 18th, 2019 1:39 pm
Apr 18th, 2019 1:40 pm
If your house value is really 800k, then yes. They'll have it apraised either way
Apr 18th, 2019 2:01 pm
2.89% 5 yr fixed
Apr 18th, 2019 2:50 pm
Apr 18th, 2019 3:00 pm
Apr 18th, 2019 3:14 pm
Apr 18th, 2019 3:27 pm
Apr 18th, 2019 3:54 pm