We received a question from one of our website visitors asking about transferring their Home Equity Line of Credit to another bank when it is time to renew their mortgage and what difficulties may be encountered during this process.
I saw your website, and your invitation to send in mortgage questions, so here’s one for you –
We don’t have a “traditional” mortgage. We have, what I think is called, a Home Equity Line of Credit mortgage. Basically, when we talked to the bank we got a line of credit and mortgage rolled into one. As we pay off our mortgage our line of credit goes up. We have never touched the line of credit. Will this type of financing make it more difficult to transfer our mortgate to a different bank when our mortgage comes up for renewal? What will we need to know?
Watch our video blog to learn about transferring a Home Equity Line of Credit upon renewal.
If you have any questions or thoughts that you would like us to respond to, please send them to firstname.lastname@example.org with the subject line: QUESTION. MonsterMortgage.ca is happy to receive all of your mortgage questions re: home loans, refinance, interest rates, renewals, etc. and answer them in our upcoming video blogs.