Quote:
Originally Posted by Harvey Specter
Vancity is also getting strict against home equity borrowing. Can't remember of the top of my head but Vancity recently changed it's lending to I believe 65% instead of the 75% so basically you can borrow up to 65% and not 75% but don't hold me on these numbers. And like I mentioned above if you have rental income to offset the mortgages for your investments but you don't declare the income in your tax returns well good luck borrowing.
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I just got renewed my mortgage and got a HELOC one.
The 65% rule isn't a Vancity thing, its a Federal rule. You can only borrow 65% of the value of your home on a line of credit. However, the total amount of the mortgage can be up to 80% of the value of your home.
So if your house is worth 1 Million, you can have a mortgage of up to 800K and borrow up to 650K from your line of credit (your mortgage loan balance in this case would be $150K).