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Discussion Starter #1
Hi,

Can anyone provide any feedback on Canadian Mortgage Inc.? I filled up an application and was offered a favorable rate for HELOC (prime+0.5%).
They also would like to increase my limit to 80% of my house value. Is this a problem? Is it going to affect my credit rating?

Thanks
 

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Hi,

Can anyone provide any feedback on Canadian Mortgage Inc.? I filled up an application and was offered a favorable rate for HELOC (prime+0.5%).
They also would like to increase my limit to 80% of my house value. Is this a problem? Is it going to affect my credit rating?

Thanks
I am sure they are fine and that rate is good.

The one concern I would have is:
They also would like to increase my limit to 80% of my house value.
Your mortage is about what you want. The higher the limit the more commission they receive and that is likely why "they" want that. If you need or want access to money and going to 80% works for you then fine, but don't be bullied into it if you don't want it.

There shouldn't be a significant affect on your credit.
 

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Discussion Starter #3
They offered to pay for appraisal and legal cost and I am getting prime +0.5%.
I am willing to give it a try.
 

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Discussion Starter #7
yes, Shayne is right. This is for HELOC, for the actual mortgage: prime -0.65%.
I am hoping that rates on HELOC will go to just prime soon and my new lender will follow. I was not so sure it was going to happen with my previous lender.
 
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