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photon · 11-03-2006, 11:33 AM

Typically a home equity line of credit goes up to 75% of the value of the house... Since you are in a high ratio situation you have to have insurance. Recently CMHC and Genworth have made products available for this kind of thing though.

So in your case, you can go up to 90% of the value of your home with a line of credit. That's $342,000. Since you paid $333,500, your mortgage is $316,825 (minus what you've paid in six months). So you have access to $25,175. Minus the legal fees and maybe the appriasal. Plus I don't know if you have to repay the insurance company for their insurance or not, so that might be another few thousand.

You might want to wait a bit until you have a bit more built up before borrowing depending on what you were planning on investing in.

EDIT: Though income trusts might be fairly cheap at this point

11-03-2006, 11:33 AM	#3
photon The new goggles also do nothing. Join Date: Oct 2001 Location: Calgary Exp:	Typically a home equity line of credit goes up to 75% of the value of the house... Since you are in a high ratio situation you have to have insurance. Recently CMHC and Genworth have made products available for this kind of thing though. So in your case, you can go up to 90% of the value of your home with a line of credit. That's $342,000. Since you paid $333,500, your mortgage is $316,825 (minus what you've paid in six months). So you have access to $25,175. Minus the legal fees and maybe the appriasal. Plus I don't know if you have to repay the insurance company for their insurance or not, so that might be another few thousand. You might want to wait a bit until you have a bit more built up before borrowing depending on what you were planning on investing in. EDIT: Though income trusts might be fairly cheap at this point __________________ Uncertainty is an uncomfortable position. But certainty is an absurd one.