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You can change the flex interest rate to term fix interest loans but you can’t take any more cash without modifying the value of the real property.

RE-value the same property is one way. Adding more real property is another way. But bank has to process again so the legal fee will incur again.
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  • 枫下家园 / 钱财税务 / 请教一下这里贷款和LOC都在CIBC的同学,
    我LOC里的钱是用于投资房上,我想把那笔钱转成新的贷款,上次帮孩子开账户的时候人家主动提起,说只能加到第一个贷款里,如果要转成新的贷款需要几百的legal fee不说,还要像提交各种收入证明,和申请一个新贷款一样麻烦。我想问问有这么麻烦吗?还是那家伙不懂呢?
    • HELOC是跟着房子走的,你从用A房的HELOC借钱,买B房,这没问题,此时的抵押物还是A;但是如果要把这贷款转到B房名下,那就成了拿B房抵押贷款了。不是业内人士,只是我的理解,不保证正确。 +1
      • 还在A房下。记得很多人都这么转的,为啥那家伙说的那么复杂?
        • 还在A房下的HELOC,你说转成新贷款是什么意思呢?
          • 就是把A房下加一个mortgage。
            • 这是refinancing,确实就是个新贷款了。
              • 把LOC里的钱加到原有贷款上才是refinance,那人这么说的。转成贷款不是refinance.
                • 就是说,你原来的房子下只有HELOC没有MORTGAGE了?
                  • 1 mortgage + 1 LOC
    • 是你不懂。 +1
      • 那你给说说?这网上这么多人都把LOC转成贷款了,都是按新贷款那样交一堆材料?那么麻烦的话估计很多人都不转了。
        • 99% time, LOCs are secured flex interest loans. They need to be secured by collaterals, Real Property. So they are underwritten with the value of each property attached. +1
        • When bank issue loans they have to make UCC filing yo claim their title of the real property for the loan they issued.
          • 本来也没换地方啊,还是attach to我的自住房。
        • You can change the flex interest rate to term fix interest loans but you can’t take any more cash without modifying the value of the real property.
          RE-value the same property is one way. Adding more real property is another way. But bank has to process again so the legal fee will incur again.
    • 我没看懂你的问题,你的loc已经取出来买房了吗?
      我在其他银行,loc取出来买房,当天就转成新贷款了,收了一天loc的利息,没要任何文件证明,估计有律师费用的话银行也给免了。只是新贷款和以前的剩余贷款不能合并,还分别是两个贷款,两个利率。总的贷款额度还是最初的贷款额度。
      • 我就是想要你说的这样啊,2个贷款分开,不用交什么材料。结果人家要我交一堆材料去申请。我不知道这是CIBC的规矩还是那个家伙不懂。
        • 房子价值没变,可贷款额度没变,可以不交材料的,
    • 我两周前刚办过。不过不是在CIBC。你说的是对的,完全可以这么做的,而且什么材料都不需要,只是那个rate需要找银行quote。