If anyone wants to speak to mortgage specialist at either TD or BMO lemme know. I have friends who are MS there. Rather than talking to some random account manager at a branch
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Originally Posted by Hondaracer
Scotia and some other banks kind of have this "all in one" account where, as you pay down your mortgage, that amount is now available to you in your HELOC automatically
However, as Gerbs said above, the rate you get with the HELOC is worse than the mortgage rate obviously so upon renewal etc. its probably in your best interest to add to your mortgage as opposed to getting a bigger HELOC if you're actually going to use those funds
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It's a big line of credit. That's what I have. There's still 2 different rates for mortgage and the money that's taken out. But the rate difference are much closer than say conventional+heloc