Things Clients Say
Can we complete this without my separation agreement?
No, we'll need a finalized separation agreement or court document detailing spousal/child support, division of liabilities, division of assets, etc.
The minimum value of a credit line segment
$1
Will the bank cover some of the setup costs of this refinance?
No, $300 will be the minimum processing fee, and FCT/Lawyer costs are the responsibility of the client.
Can I have a copy of my appraisal?
No, the appraisal was generated specifically for the bank's lending purposes by a professional appraiser who did not generate it for other uses (such as selling your property) so it could create issues if we provide it.
You've called HECC and they've answered with "Hi" and now you're sitting in silence. How do you proceed?
Tel them you're calling about an application and why you're calling.....they're often not very friendly.
I already had my own appraisal done, can't you use it instead?
No - Our appraisal is ordered with specific requirements for our application
The maximum value of a credit line segment
65% except when tiering applies
I don't like current interest rates, if I refinance will I lose my rate?
No, your existing funds will remain at the existing rate and the new funds will be at current rates, we then combine them to make one simple payment to keep track of.
Your appraisal just disappeared while you were making changes in Linx, can you get it back?
Yes(Maybe)! You can email the property valuation team with your application number and the appraisal number and explain that you'd like it back. If possible they will override the application's need for a new appraisal.
It's 3 days until your deal is supposed to close through a lawyer, who should you call?
The lawyer, or HECC, maybe both. There is also a number that lawyers know and can call but they often won't.
Does my insurance need to name the bank?
Yes, the bank would need to be paid first where the property is security for the mortgage/HLP
The maximum combined value of a mortgage and credit line
80% EXCEPT when tiering applies
How is the interest rate on new funds determined?
New funds will be added based on current rates for the remaining term of the current mortgage.
A YK Appraisal just came back at $1,000,000 can we lend up to 80%?
No, tiering means we can lend 80% up to the first $750,000 of value. Any value above that can only be lent at 50%.
HECC just told you they don't send the cost of borrowing to lawyers, is this true?
No, sometimes HECC sends incomplete documents to the lawyers, you may be able to convince them to do it.....or Ryan may have to call them.
Can my property be an AirBnB?
No, none of the big Canadian Banks will finance these types of properties and these properties also require special types of insurance.
Can a Homeline be used for a down payment on another home?
Yes, the funds provided represent equity you've built up in your existing home.
Why would we do this instead of a Homeline?
Client may not want or should not have additional funds, property may be leasehold with a lease not long enough to support a Homeline.
CAC said the property is on wood blocks and I'm declined, can I still proceed?
Yes. Wood blocks are considered a permanent foundation in Yellowknife by CMHC(appraisers usually add this to notes near the end of the appraisal). You may need to remind CAC and/or HECC of this.
My closing date was 2 weeks ago, do I need to change the application if I'm only receiving/signing FCT documents now?
No, HECC can make date adjustments(unlike your CASPER applications for loans where you need the right closing date on the documents)
How much will this refinance cost?
At a minimum there will be a $300 processing fee(includes the appraisal), FCT Fees start at $570 PLUS $1.50 for each $1000 of security....and potential other fees such as discharging a previous mortgage, changing a name, remote signing, etc.
Can a Homeline be used for business activies?
Yes! You can specify that the funds will be used to inject cash into a business or purchase a business and CAC can still approve your deal.
Can my mortgage return to the full original amortization without an application? (ex. if it started at 25 years and there are 15 years left can I return to 25?)
No, any extension to amortization without a refinance is based on ADDITIONAL payments made over that time. If no additional or accelerated payments have been made then you'll need to refinance with all of the associated costs.
How long is your appraisal valid for?
90 Days.
"I signed everything to remove my ex from my mortgage weeks ago and they're still showing up on my mortgage!" - How do you fix this?
Call HECC - They may not have received all documents from the lawyer, OR they may have received the documents and aren't finishing the transaction....