Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Re-Financing your $Property

Agamemnon · 06-23-2006, 10:42 AM

Hey all,

Just thought I'd start a thread talking about re-financing advice, tips, no-no's, etc.

In this crazy real estate market a lot of people are re-financing their old 100k mortgage because their property is now worth 300k. Any stories out there of people who have re-financed, and for how much? Best place to look for a new mortgage? What did you do with the money, invest it? Renovate? Blow it? What on?

Also, I am thinking very strongly about getting a Home Equity Line of Credit (HE-LOC). The jist is you only pay interest payments for month along the lines of a regular line of credit, and you make principal payments whenever you want (if ever), and the loan has no term (you could pay it for 100 years interest-only if you wanted).

I'm getting about 46,000 to do what I like with, so I figured I'd spend 10k renovating the condo and another 20k on a car (I need one bad). Maybe put the rest in RRSP's?

Stories/tips/advice?

06-23-2006, 10:42 AM	#1
Agamemnon #1 Goaltender Join Date: Jul 2002 Location: Calgary Exp:	Re-Financing your $Property Hey all, Just thought I'd start a thread talking about re-financing advice, tips, no-no's, etc. In this crazy real estate market a lot of people are re-financing their old 100k mortgage because their property is now worth 300k. Any stories out there of people who have re-financed, and for how much? Best place to look for a new mortgage? What did you do with the money, invest it? Renovate? Blow it? What on? Also, I am thinking very strongly about getting a Home Equity Line of Credit (HE-LOC). The jist is you only pay interest payments for month along the lines of a regular line of credit, and you make principal payments whenever you want (if ever), and the loan has no term (you could pay it for 100 years interest-only if you wanted). I'm getting about 46,000 to do what I like with, so I figured I'd spend 10k renovating the condo and another 20k on a car (I need one bad). Maybe put the rest in RRSP's? Stories/tips/advice?