Case Study – Convert LOC to Tradition Mortgage
I had a couple from Coquitlam that recently came to me with an interesting scenario, and I wanted to share it with you.
They had a HELOC (Home Equity Line of Credit) in place that was costing them Prime plus 1% in interest. We sat down and analyzed their needs and goals, and decided that it was more advantageous to convert that HELOC into a traditional mortgage.
I let them know what information was needed, helped with the ordering an appraisal on their existing house, and submitted a package to the lender for approval. They are much happier with that debt amortized over 25 years, as well as being approved for a new line of credit to take care of some renovations and other expenses.
Surrey / Langley Mortgage Broker
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