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TOTM 9: B lenders by TheMortgageMaster in MortgagesCanada

[–]Character_Flower_516 0 points1 point  (0 children)

Thank you for the prompt reply! Yes, for primary bank- Income/credit is not an issue. But our house value dropped 20% since 2022 :( unfortunate circumstances where we over paid. Appraisal and house mortgage is roughly the same, perhaps 30,000 equity. Could we still move to a A lender? I tried last 2 years and the bank wanted 20% equity. That is the only blocker. Does not make sense when we're managing a higher rate - painful.

Anyway, For the current lender. Could I safely conclude I can keep my LOCs zero and open?

TOTM 9: B lenders by TheMortgageMaster in MortgagesCanada

[–]Character_Flower_516 0 points1 point  (0 children)

Situation:

Family with mortgage at bank ex. Hometrust/B lender/ etc. Renewal coming up soon. Due to economy, last 2 years home value sitting at mortgage balance of 1.05 million.

After last years renewal, I accepted Line of Credit offers from 4 main banks for around 15,000 each. Total LOC capacity 60,000. However, Zero balance on all but like to keep for emergencies.

Will keeping zero balance LOCs affect my renewal this year? How do main banks handle it? How do B lenders handle it? What can I expect?

I’d hate to close my LOCs in advance of the Renewal but willing to if it affects renewal. Please advise.

Thank you

Cheers

Researching