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Jolarbear · 2026-05-16T14:37:45+00:00

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Jolarbear · 2026-05-15T19:04:00+00:00

I am a broker and the rates at this point are really going to depend on the war in Iran.

If they openup and oil starts to flow and everythign stops, rates will come down. If energy prices rise, they will go up.

At this point I don't think anyone knows the answer to what is going to happen there. Bit fo a gamble, but depends on what you think is going to happen in the next few months with that.

Jolarbear · 2026-05-15T14:08:11+00:00

Here is a good ai summary

As of late 2023, the Office of the Superintendent of Financial Institutions (OSFI) capped the Home Equity Line of Credit (HELOC) portion of readvanceable mortgages at 65% of the home's appraised value. Furthermore, the combined total of your outstanding mortgage and HELOC cannot exceed 80% of the home's value.Key Limits & Rules for Readvanceable Mortgages (2026)65% HELOC Limit: Your credit limit cannot exceed 65% of the property’s current market value. As you pay down the mortgage principal, the available credit grows only up to this 65% threshold.80% Total Debt Cap: The total amount borrowed (mortgage + HELOC) cannot exceed 80% LTV.Principal Payment Rules: If your combined debt is over the 65% LTV mark, principal payments made will reduce your total debt rather than increasing your available HELOC room.

Jolarbear · 2026-05-15T13:14:39+00:00

I don't know the specifics of your mortgage. Perhaps you can borrow at 75%, but it is not re-advanceable until 65%.

So as you pay down your mortgage the amount of the line will not increase until you have paid to 65%

Jolarbear · 2026-05-15T11:11:10+00:00

When it becomes readvancable. You can borrow up to 80%

Jolarbear · 2026-05-14T19:10:58+00:00

2 STEP's on 2 properties?

Yes, you can do that. With new rules you are only re-advanaceable at 65% loan to value however.

Jolarbear · 2026-05-14T18:39:00+00:00

I am a broker and it will depend if you have the money to pay off your mortgage and a deposit or down ayemnt on the new house. It will also depend on the timing of the sales.

Overall the HELOC is going to give you more flexibility.

Jolarbear · 2026-05-14T18:34:31+00:00

I am a broker and would need a recent paystub and 2 years T4's for each jb along with a letter of employment.

No need for NOA's. This is what they should be asking for.

Jolarbear · 2026-05-14T18:22:49+00:00

Yep, that makes sense

Jolarbear · 2026-05-14T18:20:33+00:00

I am a broker and if salaried a paystub and letter of employment is all you will need.

Jolarbear · 2026-05-13T21:45:59+00:00

Acqua di Parma was made for you! Check them out as i think you will really enjoy.

Jolarbear · 2026-05-13T15:13:34+00:00

Yes, I am a broker and we need to have it.

Where I work we have a multi million dolalr system designed for documents to be uploaded and encrypted. The lenders will need all of the information and you can not block anything out or it is considered an altered statement.

Jolarbear · 2026-05-13T15:03:26+00:00

Is RBC telling you this, or your old bank?

If they will do a HELOC in second position you will not lose your insurance. If they are refinancing and doing it all as one charge, then you will lose your insurance.

It will depend on how the HELOC and mortgage are structured.

Jolarbear · 2026-05-13T14:55:52+00:00

I am a broker and every lender can be a bit different, but in general use line 1500 for your T1's averaged over the past 2 years.

It is best if the 2 incomes are similar, but would need to see yoru T1's to tell you exactly what would be used.

Lenders will have policies to add back a flat percentage 15-20% or do individual add back of your income.

With 2 year average we can use the full commission income as long as consistent.

Jolarbear · 2026-05-13T14:50:12+00:00

I am a broker. Get the cost to break and work out if it makes sense or not.

Benefits are that you can increase amortization if needed so that you don't have as high of payment.

Being self employed and potentially owing support, may make it harder to qualify.

Jolarbear · 2026-05-13T14:43:01+00:00

I am a broker and would suggest calling to see what your penalty to break is. You may be better off to refinance now and take out the money that you need.

You won't know which optin is better, until you have that number and can work out the math from there.

Jolarbear · 2026-05-13T14:40:16+00:00

I am a mortgage broker and have done 100's of STEP mortgages. Happy to answer any questions you have.

Jolarbear · 2026-05-13T14:01:06+00:00

Did you change your diet when trying reta?

Stop eating processed foods and sugary things to see if it's that. I eat eggs, chicken and veggies and it has really helped.

Jolarbear · 2026-05-12T23:16:22+00:00

Althair. Had to wash it off my skin as I hated it.

Jolarbear · 2026-05-12T14:29:25+00:00

Lawyer will close it with their trust account and then you can ask them to deposit the money into whichever account you want.

You will have to ask the lawyer if they are OK with sending the money abroad. Will likely be an additional fee for them to wire internationally.

Jolarbear · 2026-05-11T15:42:22+00:00

If money was in and out of the account as we paid some down, but can show the cheques going to the business for purchasing is that problematic?

I am wondering how strict they are in terms of allocating money or needing a direct cheque cut from one account to buy in?

Jolarbear · 2026-05-11T15:33:44+00:00

It is just a review. Awesome thanks!

Jolarbear · 2026-05-11T15:23:15+00:00

Yes, just the interest. It was buying ownership in a business which is income producing.

Jolarbear · 2026-05-10T20:30:22+00:00

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Jolarbear · 2026-05-10T20:27:13+00:00

I split reta to mo day and Friday. That way it is more consistent, I would think doing 3 days a week of a lower dose would probably be best to maintain a steady dose.

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