Canquest Mortgage: Alberta Mortgage Agent
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     CONTACT US

Karen Loehndorf
Calgary Mortgage Broker

Cell: 403.861.6969
Direct: 403.242.4392
Toll Free: 877.342.4392

karen@canquestmortgage.com

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   LINE OF CREDIT / HELOC

CURRENT MORTGAGE RATES
Last updated:  March 10, 2010
Term
Bank Rate
Our Rate
6 month
4.60%
4.60%
1 year
3.60%
2.49%
2 years
3.75%
2.90%
3 years
4.15%
3.40%
4 years
5.04%
3.69%
5 years
5.38%
3.69%
7 years
6.60%
4.95%
10 years
6.70%
5.20%
1 year open
6.70%
5.20%
Prime:
2.25%
* rates subject to change without notice
  
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Since the recession CMHC and GE do not offer the secured line of credits, therefore the maximum loan to value is 80% of your appraised value registered as a 1st lien against your home by the lender who has approved your line of credit. Some lenders offer to the clients a product that allows them to registered the full amount of the mortgage and use a portion on a fixed term and with a principal and interest repayment and the remainder as a revolving line of credit. 

example: House value is $500,000

             80% loan to value - $400,000 register against your home

Fixed mortgage $300,000 @ 4.29% rate- 5 yr term/35 year amortization =$1374.08

Line of credit $100,000 @ Prime + 1.0%  over 25 year amortization = interest only payments of $267.12

 

Non – Insured Line of Credit (known as Heloc)

Requirements and Highlights

  • Up to 80% LTV
  • Minimum Score is 650
  • Rate hold for 60 days- both purchase or refinance
  • GDS/TDS : if beacon score is 680+, max TDS is 44%, no GDS requirements
  • GDS/TDS: if beacon score is <680, GDS max 35% and TDS max 42%
  • Credit bureau can not have any delinquencies on the credit bureau in the past 12 months
  • No reported defaults on residential mortgages for the past 7 years
  • No previous bankruptcy
  • No gifted down payment
  • No Tax arrears ( recent NOA will suffice)

 

     
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