Posted on: 25-06-09 09:31:45
Hello,
I plan to use equity in my house towards a new loan. I plan to buy property outside Canada.
Can anyone suggest me current good loan interest rates (fixed) from diff financial institutions..... referrals to experts (brokers etc) are fine too.
Thanks.
Quote:
Originally posted by mississauga2
Hello,
I plan to use equity in my house towards a new loan. I plan to buy property outside Canada.
Can anyone suggest me current good loan interest rates (fixed) from diff financial institutions..... referrals to experts (brokers etc) are fine too.
Thanks.
If you are taking equity out from your present home, you would be getting the same interest what others get for buying a residential home. You can take a HELOC starting at prime +0.75%, variable rate mortgage starting at prime+0.4% or fixed rates from 3.65% to 4.40% for 3 to 5 year fix terms.
If you plan to buy property out side Canada and would be renting the same, please look in to the taxation aspect as well because you have to report the income from that property here but you would get some write off benefits as well.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
or fixed rates from 3.65% to 4.40% for 3 to 5 year fix terms.
I could not understand this fully - are these the rates for secured loans?
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Originally posted by chandresh
Quote:
Originally posted by Pramod Chopra
or fixed rates from 3.65% to 4.40% for 3 to 5 year fix terms.
I could not understand this fully - are these the rates for secured loans?
These are the mortgage rates as if some one is taking a new mortgage (or refinancing or taking equity out) and you get the same mortgage rates like any one else.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
