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GP_Matt · 01-23-2013, 11:54 AM

You have a few options.
A mortgage can cost a fair bit to setup and will depend on equity. Do you have more than $25000 in equity? If you go within 80% of the value of the home you may have to take out CMHC insurance again.
HELOC has good rates I think you can get prime plus 0.25 if you ask nicely so 3.25%. Again though you need equity room.
LOC will have a higher interest rate as they are unsecured.
Loan will again have a higher rate because it is unsecured. They have options for terms although I don't know the range but given the CP salary survey you should be able to pay it off in 6 months.

01-23-2013, 11:54 AM	#4
GP_Matt First Line Centre Join Date: Jun 2011 Location: Edmonton Exp:	You have a few options. A mortgage can cost a fair bit to setup and will depend on equity. Do you have more than $25000 in equity? If you go within 80% of the value of the home you may have to take out CMHC insurance again. HELOC has good rates I think you can get prime plus 0.25 if you ask nicely so 3.25%. Again though you need equity room. LOC will have a higher interest rate as they are unsecured. Loan will again have a higher rate because it is unsecured. They have options for terms although I don't know the range but given the CP salary survey you should be able to pay it off in 6 months.