Quote:
Originally Posted by the wanderer
What about a Heloc compared to a mortgage? My understanding is with a HELOC you can write of the interest for investments.
What do people think about that?
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You can write off the interest for any loan that is for investment purposes. However if you didn't purchase the investments with your HELOC you might be in trouble.
I am going to plug my company now, Mountain View Credit Union. I hope this is okay in a thread about Mortgages and the fact I have never plugged it like this before.
Our rates are good right now for a bricks and mortar bank. 2.99% 3 Year fixed, 3.19% 4 Year fixed, 3.39% 5 Year Fixed. We also have an Open Variable at 3% (our Prime - 1/2%) and a Closed Variable at 2.75% (our Prime less 3/4%). We do have a floor on our Prime rate, so our variable options give you some cushion on interest rate moves as we won't move ours until the market goes past 3.5%. The nice thing is we do interest rebates depending on our financial performance.
I've also done more then my share of deals for people who are self employed and do not claim income personally and show it corporately and construction mortgages. We're also in the market of giving these rates out on acreages that span in size up to a full quarter sections (160 acres) which is rare as far as I know.
Feel free to drop me a PM sometime if you ever want some in depth questions answered or your personal situation assessed.