Lines of Credit - An Update On A Specialized Product

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Today Mortgage Rates . mortgagelocator.ca Lines of credit are not the same as getting a mortgage, nor are they as easy to qualify for. Watch this blog to learn where the market on lines of credit is today. Hey everybody. Rowan Smith from The Mortgage Centre. I want to talk today about lines of credit. It's been a while since I've done a post on it. I get a lot of questions on it, people not understanding when a line of credit is possible and what kind of rate they can expect. So first off, when is a line of credit possible? Well, you have to have 20% equity in the property. CMHC does not allow to have people have an interest only portion of their mortgage, so lines of credit are interest only. Typically, prime plus one is the going rate, although your institution may offer you something better if you have a very large investment portfolio or a longstanding connection with them. Prime plus one is the baseline rate by which you should be judging any particularly offers you are receiving for a line of credit. If you've got a 0, 000 home and you have a 0, 000 mortgage, you can only have 80% financing, that's conventional financing, if you're going to want a line of credit. Now, in that case, that's 0, 000. If you've got 350 and the max is 400, the maximum line of credit you're going to be able to get is 500. Now, that's a secured line of credit and secured line of credit rates. Your institution or any other institution can offer you unsecured lines of credit all they want. How big they'll ...

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