# Has anybody heard/dealt with Canadian Mortgages Inc?



## dustmaker (Apr 3, 2009)

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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## Shayne (Apr 3, 2009)

dustmaker said:


> 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?
> ...


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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## dustmaker (Apr 3, 2009)

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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## CanadianCapitalist (Mar 31, 2009)

dustmaker said:


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


I must be missing something. You can get a Prime minus 0.65% rate these days. How is Prime plus 0.5% a good deal?


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## Shayne (Apr 3, 2009)

CanadianCapitalist said:


> I must be missing something. You can get a Prime minus 0.65% rate these days. How is Prime plus 0.5% a good deal?


You likely missed the work HELOC. 

If you can find a HELOC at P-.65% then sign me and all of my clients up!


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## CanadianCapitalist (Mar 31, 2009)

Shayne said:


> You likely missed the work HELOC.
> 
> If you can find a HELOC at P-.65% then sign me and all of my clients up!


My bad. Thanks for clarifying.


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## dustmaker (Apr 3, 2009)

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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