I have a heloc already, but iI would like to increase the amount. My heloc is for 30% I would like to increase it to 50%. But there is a lien form a bad credit card debt from the past. Will the bank increase my limit with that lien on it??

If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

Hello Anon, when your mortgage gets paid out by you at the bank or by a sale of the home your mortgage should be discharged by the bank that currently holds your mortgage. In some cases the lender forgets this step but once your mortgage is paid in full it must be discharged. There is a fee for this discharge that the banks ask the clients to pay, but instead of this being just a cash grab the cost is actually passed on because the bank has to pay to register the discharge. i hope this helps. If any reader has any questions please do no hesitate to contact me at any time to discuss this topic or any other question. Regards, Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec. Please Google my name to access my articles and videos on many mortgage related topics.

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Should i rent or buy in a pricey market under very unique financial circumstances? debating renting vs buying in calgary: i have just graduated as an md and now have a contract to work for 5 years as a resident where i will have very limited funds, guaranteed to be followed by significantly more. i have approximately $85 000 in debts related to education, with a number of tax credits and potentially up to $15000 in debt relief to expect. now my question is, should i rent or buy when i will have a sizeable income after the first 5 years. my parents are willing to throw down a downpayment for me of about 10-15%. the places that i'm looking at are between $280-400k, with condo fees ranging from about $200-500/mo. i am completely happy lowballing and lowballing and lowballing until i get a good deal somewhere on a strictly investment property. i would hold this property for at least 5 years, after which i will very likely sell as i will have to move for a fellowship and then again for a job which (at least i hope) will be in calgary. for the next 5 years my salary will be as follows: year 1:

First you call yourself King, then you call yourself Monarch, so I am guessing that no matter what answers you get, you will do whatever you want. You have much too much debt to consider buying a home at this time. If you don't believe us, go talk to a mortgage broker, who will be unimpressed with your contracted income that you have not yet earned, and will explain that you will need to show actual income for two years before you can qualify to purchase a home. The fact that you are getting your down payment from Mom and Dad also shows some immaturity on your part. You need to work for a few years, get your debt paid down and save your own down payment.