Is the HELOC option of a mortgage still available with under 20% down? I currently have a HELOC on my property in BC, but want one for a new place in Calgary but more than likely will have less than 20% down.
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HELOC questions
Is the HELOC option of a mortgage still available with under 20% down? I currently have a HELOC on my property in BC, but want one for a new place in Calgary but more than likely will have less than 20% down.
13.02 @ 102mph NA B16
B18C is in and running!
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Depending on your income, credit and the difference of market price and amount owe.
If you have a $200K places with $160K mortgage but worth only $160K now, you basically have NO equity in the place = no HELOC.
E = Equity. You must have equity in the property.
Last edited by Xtrema; 03-02-2009 at 10:44 PM.
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All depends on if you can apply.
A lot of lenders have HELOC available (including the one I have access to) with 5% down, so 95% financing.
Keep in mind anything less than 20% and you have to pay CMHC.
DannyO
Oh yea, I also met Doris..
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