Check your travel medical
New orca rescue attempt
Student's killer on parole
Joly urges de-escalation 
No bail in Ottawa killings 
Banks must say rebate
Iran fires at attack drones 
World's largest election 
2 detained in Volkov attack 
Apple pulls apps from China
Oil and gas leases restricted
Indigo needs turnaround 
Warriors ready for Round 2
Kalamalka Bowl cancelled
Rockets live to fight on
Hilton teams up with Sia
Swift still 'can't forgive' Kim
Grimes to ‘cap the disarray’
Most of the time I recommend that my clients not take a collateral type mortgage product, as it locks you in with the current lender and at maturity the mortgage is costly to transfer to another lender. However there is a circumstance when having a collateral charge makes sense.
Recently one of our lenders introduced a new mortgage and line of credit product that is probably the best on the market. This new product has a super low introductory price until the end of October on both the 5-year fixed rate and the 5-year variable rate. The product also comes with a low rate on the line of credit portion. The best part is that the line of credit limit automatically increases with every dollar you put down on the mortgage portion. This is a great product for the following people:
1. Real estate investors that want to buy and sell properties. The line of credit can be used for the entire purchase or just the down payment, and is fully open so when the property is sold it can be paid off in full without penalty.
2. Those homeowners wishing to convert their non tax deductible mortgage to something that allows them to deduct investment costs such as investing in stocks and bonds.
3. Homeowners who want to have money for renovations or major purchases down the road but don’t want to be paying interest on the money now.
If you have an existing mortgage and line of credit combination please call 250 862 1806 or email [email protected] to see if I can save you money on your collateral mortgage.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
