Quote:
Originally Posted by Deegee
Slava, out of curiosity, how does one qualify for the M1 account? Do they need to qualify on the interest only payments and I'm guessing M1 doesn't do 80% LTV in depressed markets (very small town east central Alberta for example)?
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You have to qualify based on the five year fixed rates actually, and you can no longer do more than 65% loan to value with a HELOC. So today what you get is a 65% HELOC and 15% fixed term. There are some places where you can't get the M1, but I would have to check to be honest...I'm not 100% sure on where.