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Mortgage Broker News | 18 Feb 2014, 09:38 AM Agree 0
One broker believes last week’s budget is a step in the right direction, though she hopes the path will lead to once again allowing monolines to provide HELOCs.
  • Okanagan Broker | 18 Feb 2014, 12:00 PM Agree 0
    That's why we have Credit Unions...no 65% LTVR limit on HELOCS, good rates, great service, & very few monolines have the ability or systems to handle a HELOC's continual changes in rate/balance/interest repayment etc....Almost all my HELOC requests are Credit Union arranged...
  • Niraj Gunanathan, Agent | 18 Feb 2014, 12:49 PM Agree 0
    Some Trust companies offer HELOCs via their B lending side. Rules to qualify are not that strict and for BFS, income can even be stated and contributory income can also be used to qualify. If someone needs fast cash, provided subject property has equity, this is the way to go!
  • DeJong | 18 Feb 2014, 08:26 PM Agree 0
    In order for the monolines to compete with banks and offer HELOCs, they would need CMHC to insure them since their funding mechanism is very different than a deposit-taking institution. Ain't gonna happen. Insuring HELOCs is probably at the very bottom of CMHC's to-do list.
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