Canada Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
any mortgage/bank people?
Our term is up in April 2012, and we want to get an untraditional mortgage, like a line of credit. Is it typical to require 25% equity on the home? How do they decide what is 25%? (Is it based on the original selling price of the house or can it instead be an appraisal, or even property tax assessment?)
I think it would be great to strive towards 25% equity for 2012 (considering we started with 5% in 2007!) but how much extra pre-payments we need to do depends on what final value we need to work torwards.
Re: any mortgage/bank people?
Ya, we just got a home equity line of credit, and they did an assessment of our house just for that purpose. I am not sure what is standard for the equity %, but we were allowed to borrow up to 80% of the value of the home through the HELOC/mortgage (ie, any oustanding debt that is secured by your home), meaning we had to maintain 20% equity in our home.
Also, not sure what your bank will say, but keep in mind the fee for the assessment. I cannot remember what the exact fee was, but it is several hundred dollars. We managed to negotiate with our bank, and they covered the fee for us, rather than us having to pay out of pocket. To negotiate like this, you would do it similarly as you negotiate/shop around for an interest rate. Let me know if you have any more questions. Oh, and we also found that the interest rate charged on HELOC varies by bank, so it is worth shopping around for that as well.
Let me know if you have any more questions, hopefully I can help!
Hey I dont usually post here but I work for a large bank and it's 80% where I work. As well they do use the appraised value butwe have an online appraisal system so you dont have to pay extra for that- you only need a full appraisal if it's not your primary residence or if you disagree with what the online system comes back with. As well you just need to pay new registration costs which in Ont are $420- you can register with your own lawyer as well if you want and if it is cheaper. If you have any questions you can PM me. Hope that helps.
Whether you need a formal appraisal or not depends on the bank. If you are a standard subdivision house with lots of recent comps they will likely use the online method like the previous post said. If your house is unique like a century home etc they would likely require a formal appraisal but more often than not will absorb the cost so long as you get your financing through them.
The Canadian Mortgage and Housing requirement for refinancing is no more than 90% of value. I would think most banks would be about 80% though.