Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Need to Borrow $$ - Debt ratio too high, but own houses

V · 05-11-2006, 05:21 PM

Yeah, most HELOCs only let you borrow up to 75% of your house value. So if your place is worth 300K and you have a 250K mortgage, you wouldn't be able to take out a HELOC because you'd need less than 225K on your mortgage.

Some places like Manulife One will allow you to borrow up to 90% for a fee. I suppose that could be a route you might want to take.

05-11-2006, 05:21 PM	#8
V Franchise Player Join Date: Feb 2005 Exp:	Yeah, most HELOCs only let you borrow up to 75% of your house value. So if your place is worth 300K and you have a 250K mortgage, you wouldn't be able to take out a HELOC because you'd need less than 225K on your mortgage. Some places like Manulife One will allow you to borrow up to 90% for a fee. I suppose that could be a route you might want to take.