Getting Loans

[CaramonLS]

Aside from my mortgage / car I have never actually applied for a loan before - I have a 25,000 dollar special assessment which I was just informed of for my condo and am wondering what some of my options are.

Can I get that tacked on to my mortgage? Am I taking out a second loan? Should I get a Heloc?

[Hockeyguy15]

HELOC would probably work for you, the upside of a HELOC is you usually get a good rate out of it.

Talking to someone at your bank would probably give you good info on what your options are.

[Kavvy]

Originally Posted by CaramonLS

Aside from my mortgage / car I have never actually applied for a loan before - I have a 25,000 dollar special assessment which I was just informed of for my condo and am wondering what some of my options are.

Can I get that tacked on to my mortgage? Am I taking out a second loan? Should I get a Heloc?

Sorry about the unexpected fee, hopefully it increases the value of your property!

I am sure there are a whole lot more people on this forum who know more about money then I do, but I think you just nailed your options, and it shouldn't be that hard to get quotes on rates, and create a simple excel sheet to see which option would be the cheapest in the short and long run?

[GP_Matt]

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.

[albertGQ]

What is the value of your condo?
What is the mortgage balance?

[CaramonLS]

350k+ condo value
~100k left on Mortgage

[brocoli]

You have more than enough room to go with the HELOC. Even if you went with the tax assessed value you can get 60% giving you 210K. HELOC will get you the lowest interest rate and flexiblity in case something like this comes up again.

[Travis Munroe]

Sorry to hear about the SA,
Do you mind sending me a PM about which building it is for my own reference.
How well have the managed to spread payments out for everyone?

[albertGQ]

Originally Posted by CaramonLS

350k+ condo value
~100k left on Mortgage

Definately HELOC then.

[pylon]

We had a similar SA in our building, and it was pretty big. I just dumped a chunk of it on my HELOC, and when the mortgage came up for renewal 6 months later, blended it back in. I do know we had a few residents that were upside down on their mortgages, and a few of their banks still helped them out. I think banks understand this type of thing.

[squiggs96]

Just get it added to your mortgage, that way it's not debt.

Look into an NBC All In One or Manulife One account. They work very similar to a HELOC. I have the NBC account and I wish I'd heard of it sooner.

[AR_Six]

Originally Posted by squiggs96

Just get it added to your mortgage, that way it's not debt.

?!?!?!?

[mrkajz44]

Originally Posted by squiggs96

Just get it added to your mortgage, that way it's not debt.

Originally Posted by AR_Six

?!?!?!?

You joined too late to miss that great debate.

[Kavvy]

Originally Posted by mrkajz44

You joined too late to miss that great debate.

i am still torn about that one.....

this is no way intended to hijack this thread

house mortgage's do count as debt
electric shavers rule
Americans are alright as a whole
Jack Layton was overrated
Sun TV should not ask the public for money

WAITERS $@#@$^$ SHOULD TREAT 3$%$## ME BETTER or i will $%^%$$ GET THEM fired. THEY %^% ARE all LAZY@@@@@

EDIT: Springs1 since you search the internet for recent posts with your name, I Summon you from the ashs's!

SPRINGS1 SPRINGS1 SPRINGS1 COME BACK TO US

[AR_Six]

Originally Posted by mrkajz44

You joined too late to miss that great debate.

Hahaha, I just had this image in my mind of a guy in a debate club getting to the podium and seeing the subject being "Resolved: the addition of a principal sum to a mortgage is not debt. You will debate in support."



EDIT: this one? http://forum.calgarypuck.com/showthread.php?t=108429

[pylon]

In defense of Travis. He had asked if people 'consider' their mortgage debt. Yes, we all know it is exactly that, but in the same breath many people that rent, do not consider that a debt, even though it still counts towards their TDSR. They look at it as a necessary expense. I think the whole point he was trying to make is, do you consider it a debt like a car loan or credit card, or something different, or an asset, since a lot of peoples homes are worth far more than what they owe.

With a lot of the banks I deal with, they are willing to stretch on loans and make pretty huge exceptions if their debt is mortgage debt, and they have substantial home equity. Not so much if the debt is revolving (i.e credit cards.) I have had people that TDSR @ 65-70% get approved for 50k+ loans simply because their sole debt is mortgage. Banks definitely do look at it differently.

[AR_Six]

Yes actually looking at the thread most people were like "lol of f'ing course it's debt wtfbbq" and then took to discussing the matter in the spirit in which it was intended which is whether it's "good" debt or not. Though there were a couple of nuggets in there, such as someone suggesting that it isn't debt if the mortgage is held through a corporation. On the whole, nowhere near the train wreck I imagined in my head.

[Deegee]

I wish people would stop recommending LoCs against their residence. I see so many people max them and then make interest only payments.

It works for 5% of the population out there, and fails miserably for the other 95%. Your primary mortgage holder should be able to give you a second mortgage at first mortgage rates without any issue. I know our Credit Union would.

[MoneyGuy]

Don't go to a bank. Contact Mike Oxlong, who is a mortgage broke here. He can advise you how to best proceed, if you're considering adding this to your mortgage but he can present other borrowing working options.

[jar_e]

nm.