Comments on: Home Equity Line of Credit – HELOC Revolving Credit Line https://homemortgageontario.ca Mortgage Centre Agent Serving All Parts of Ontario Thu, 03 Oct 2013 13:59:59 +0000 hourly 1 https://wordpress.org/?v=4.9.8 By: Hussein Saad - Mortgage Centre Specialist https://homemortgageontario.ca/mortgage-possibilities/home-equity/#comment-4413 Wed, 29 Aug 2012 15:58:58 +0000 https://homemortgageontario.ca/?page_id=30#comment-4413 Hi Tim:

If your HELOC is currently prime + 1%, then you are actually paying 4% currently on the $200,000.

If you lock-in at 2.49%, you’ll save a significant amount in interest, but you’ll lose the revolving feature of the HELOC.

Rather than the 2-year fixed, I might even suggest going with a 5-year variable which is also tied to prime like your HELOC and is at 2.85% (2.65% if insured with HMHC or Genworth)

Please also keep in mind that some lenders add a premium to the interest rate for rental properties so that will have to be something we consider as well.

Did you want to chat on the phone when you have a second?

Hussein Saad
Mortgage Agent

The Mortgage Centre | Licence Number: M12000636 | Windsor, ON Canada
Phone: 519-903-0598 | Fax: 519-966-6702 | Web: https://homemortgageontario.ca

]]> By: Tim https://homemortgageontario.ca/mortgage-possibilities/home-equity/#comment-4405 Wed, 29 Aug 2012 13:15:15 +0000 https://homemortgageontario.ca/?page_id=30#comment-4405 Hi. I have a rental property with positive cash flow. I have a 200k heloc. Paying prime +1. (3.5%). I can’t decide if I should leave it revolving or fix it 2years at 2.49%. My actual primary res is free and clear and no other debts. Could I get some advice? Thanks in advance!

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