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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #1  
Old 2010-03-29, 08:46 PM
sarcol27 sarcol27 is offline
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Default Mortgage vs LOC

Hello,

We are considering putting in a pool about a year after we close.

Is it better to add that cost to our mortgage now (and bank the money until we need it) or is it better to take a lesser mortgage now and when we make the purchase we put it on a LOC?

Thoughts please... Thanks
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Old 2010-03-29, 09:35 PM
lex_rx lex_rx is offline
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What rates are you getting for the mortgage and the LOC?

I'm afraid that you'll need to bring out the excel spreadsheet and put in your calculations. Too many scenarios to consider and will be difficult to estimate without putting in actual values.

Of course, you can always enlist various calculators online if you prefer to do so.
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Old 2010-03-29, 10:17 PM
Tara Wilkins Tara Wilkins is offline
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Hi Sarcol27,

If you would like me to work out the numbers for you regarding percentage of Mortgage and percentage of HELOC please let me know. Many people do chose to use this route, because they can pay off the HELOC faster, with less amount of interest.

Please let me know if I can help you in any way!

Tara Wilkins
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Old 2010-03-31, 01:06 PM
jaggars jaggars is offline
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Hi Tara,

Can you also run numbers for me. This is something new that i have come across. How can a LOC be your Mortgage?

Thanks
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Old 2010-04-01, 09:03 AM
sarcol27 sarcol27 is offline
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Thanks for the offer, Tara!
I'll PM you once I figure out approx. cost.
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Old 2010-04-01, 02:14 PM
a16s a16s is offline
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TARA ,

What the HELOC interest rate currently.
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Old 2010-04-03, 06:40 PM
CGUPR CGUPR is offline
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I believe that TD HELOC is prime +1%
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Old 2010-04-07, 11:26 PM
Tara Wilkins Tara Wilkins is offline
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The HELOC is Prime + 1.00%.

Thank you!

Tara Wilkins
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