有关HELOC的文章

哈法

知名园友
2008-03-25
18,268
36,962
6 天前
#1
有关HELOC的文章,环球邮报的报道:
Got a home-equity line of credit (HELOC)?

Want to get a new mortgage?

Lenders are about to make your life harder.

Canada’s No. 1 player in HELOCs, Toronto-Dominion Bank, just changed a key policy on Tuesday.

For people applying for a separate new mortgage and keeping their existing HELOC, TD is requiring that applicants prove they can afford a theoretical monthly payment based on the limit – not the outstanding balance – of that HELOC.

TD joins a small number of other lenders, including Royal Bank of Canada, in applying this new policy.

It’s a stealth rule change if there ever was one. As of the time this is being written, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, hasn’t explicitly claimed responsibility for it.

Without a doubt, this could incrementally depress the cottage, second-home and rental markets. We’re not talking a market crash, here, but every credit-policy tightening adds up and weighs on home prices.

Here’s who it affects

If you are getting a new HELOC, all the banks will “stress test” you on the HELOC credit limit. In other words, they’ll add an assumed payment to your mortgage application, based on the greater of the government’s benchmark posted rate (5.34 per cent currently) or the lender’s contract rate plus two percentage points (around 6.45 per cent.) It’s worked like that for a while, so no change there.

If you are merely renewing a mortgage, there is also no impact whatsoever. It’s those people who are getting an additional mortgage and keeping their existing HELOC who get hit.

The impact

For an average affected borrower with a $200,000 HELOC, suddenly they’ll have to prove they can afford a $1,202 HELOC payment (based on today’s rates). That could drive a typical borrower’s debt ratio above the typical lender’s maximum limits.

Fortunately for many would-be borrowers, very few lenders have applied this policy – yet. By next year, however, I’d bet that all major banks will, as will scores of other lenders that get their funding from big banks.

Hypocrisy, anyone?

HELOCs have been growing like the cannabis market. Okay, maybe not that fast, but fast.

But many borrowers never walk into a bank and ask for a HELOC. They are sold a HELOC.

The Financial Consumer Agency of Canada (FCAC) says, “banks reported to FCAC that a readvanceable mortgage [a mortgage linked to a HELOC] is now the default option offered to credit-worthy mortgage customers with down payments of at least 20 per cent.”

You see, HELOCs not only increase bank profits, they build fences around borrowers at renewal. That’s because borrowers must usually pay more to switch lenders if they have a “collateral charge” – another word for a HELOC.

Lenders often try to approve borrowers for the maximum amount, says broker Shawn Stillman, of Mortgage Outlet. “Banks have been pushing HELOCs for years,” he says. (To be fair, a lot of brokers push HELOCs, too.)

“It’s very hypocritical that banks have been promoting lines of credit and telling people, “Don’t worry, this big HELOC will never impact you. And now the banks are changing the rules of the game…"

Better safe than sorry

Regardless of what banks have been doing, they’re now doing the right thing, many argue. And OSFI would likely agree. On Tuesday, it said in an e-mail to me:

“When underwriting any loan application where the borrower has an existing HELOC in place, FRFIs (federally regulated financial institutions) may use either the limit, or outstanding balance of the HELOC, to estimate an ‘assumed payment’ in calculating the Total Debt Service Ratio (TDSR) for this loan application. It is at their discretion, however OSFI expects that, given the revolving nature of a HELOC facility, FRFIs will take a longer term (and conservative) view of the borrower’s debt servicing requirements.”

In announcing these changes in HELOC policy, TD says its “debt service ratio change was made to ensure prudent underwriting guidelines and reflects concerns around consumers’ abilities to manage debt – particularly in a fluctuating rate environment.”

So, it’s understandable why this is happening, the fallout for those affected notwithstanding. There will be side effects. People with HELOCs who want to buy another property will have to:· Find a lender that doesn’t apply this policy (at a potentially higher interest rate);

· Reduce their HELOC limit in order to pass the stress test;

· Lock in their HELOC to a regular amortizing mortgage – not ideal if the borrower wants to pay off that debt without penalty and easily (and quickly) re-borrow for future needs;

· Close their HELOC.

If you’re thinking about getting a second property and want to retain your HELOC, act before year-end. But don’t get more financing than you can afford simply because of this new rule. Otherwise, you’ll be the person that regulators may be targeting with this policy.

https://www.theglobeandmail.com/inv...ake-it-tougher-for-canadians-with-a-heloc-to/
 

sofia

我的生活我做主
2004-09-03
6,355
2,622
6 天前
#2
咋没有银行主动offer HELOC给我?我每次都要自己去申请。
 

sofia

我的生活我做主
2004-09-03
6,355
2,622
6 天前
#4

Vivian2018

活跃园友
2018-04-05
2,250
4,259
6 天前
#5
安省推销的很厉害,很多年了。
蒙城, 我朋友买房, 求着给他。 我朋友还不情不愿的拿了。 简直, 身在福中不知福。 :mad:
我从来没有申请过, 是不是应该在年底前,赶紧申请一个, 省得以后麻烦。
 

茹妹

活跃园友
2016-04-25
3,964
4,754
6 天前
#7
假如我们自住房100万,50万是贷款。假设夫妇10万收入,最大能贷5倍,50万,那这对夫妇还能利用heloc贷出钱来吗?比如按照自住房的八成计算,再贷30万?
 

sabre的马甲

知名园友
2011-06-20
8,811
12,985
6 天前
#10
假如我们自住房100万,50万是贷款。假设夫妇10万收入,最大能贷5倍,50万,那这对夫妇还能利用heloc贷出钱来吗?比如按照自住房的八成计算,再贷30万?
你的问题里面的假设, 有点冲突, 最大50, 最多八成, 这两个,银行按低的算,
因为最多50的限制, 银行可能不给你八成贷款,
 

sabre的马甲

知名园友
2011-06-20
8,811
12,985
6 天前
#11
哦,我朋友的是refinance,还有区别啊?
我听说heloc的利率略高一点,不过买投资房很管用,对吗?
refinacing的话, 钱要拿出来, 马上就要计算利息,
信用线是一个额度, 跟信用卡一样,用多少算多少, 因为有抵押, 利率很低,
 

茹妹

活跃园友
2016-04-25
3,964
4,754
6 天前
#12
你的问题里面的假设, 有点冲突, 最大50, 最多八成, 这两个,银行按低的算,
因为最多50的限制, 银行可能不给你八成贷款,
好吧,也就是说heloc是后悔药咯?其实还是以最大贷款额度为上限的。
就是说我当年能贷80万的,只贷了50万。现在我后悔了想买投资房,就用heloc把钱拿出来。
极端点的例子,如果我房子市值1000万,我收入2万,也只能借10万给我对吧?
 

sabre的马甲

知名园友
2011-06-20
8,811
12,985
6 天前
#13
好吧,也就是说heloc是后悔药咯?其实还是以最大贷款额度为上限的。
就是说我当年能贷80万的,只贷了50万。现在我后悔了想买投资房,就用heloc把钱拿出来。
极端点的例子,如果我房子市值1000万,我收入2万,也只能借10万给我对吧?
是,
是,
补充一点, 今年和当年假如有点距离的话, 比如3年,
你也许能多得HELOC,1,你的房子涨了, 2,你的收入涨了,3,你还了5万, equity 就多了5万
 

茹妹

活跃园友
2016-04-25
3,964
4,754
6 天前
#16
就你聪明,
这个东西很好的,是一个使用权,用的时候付点利息, 不用的时候, 给你一个安定,
如果你是银行,两个人要贷款。
一个收入2万,首付50万,贷款50万。
一个收入20万,首付3万,贷款97万。
你觉得哪个风险小?
 

sabre的马甲

知名园友
2011-06-20
8,811
12,985
6 天前
#17
如果你是银行,两个人要贷款。
一个收入2万,首付50万,贷款50万。
一个收入20万,首付3万,贷款97万。
你觉得哪个风险小?
你我怎么觉得没用,
银行请人算出来的, 宇航员那种人,
只要是宇航员算出来的, 那么, 出事没关系, 大家都是打工的,用了标准模型,多年统计数据,程序上没错, 就行,
但是, 你用感觉的话, 出了事, 你就要兜着,
 

茹妹

活跃园友
2016-04-25
3,964
4,754
6 天前
#18
你我怎么觉得没用,
银行请人算出来的, 宇航员那种人,
只要是宇航员算出来的, 那么, 出事没关系, 大家都是打工的,用了标准模型,多年统计数据,程序上没错, 就行,
但是, 你用感觉的话, 出了事, 你就要兜着,
宇航员。。。那银行完蛋了
 

未尝不可

知名园友
2015-11-01
16,967
21,788
6 天前
#20
俺瞎想,关于用HELOC养老下面的算法对不对?

假设到了65岁你已经换完贷款,你的房子价值200万,你可动用的HELOC =200 x 80% =160万
你每年取出8万用和还利息(4%),8 x 20年 =160万,这160万总共付利息 = 67万,你可用于生活补贴钱约100万
20年后你的房子价值假设400万(5%增长)卖掉,还掉HELOC160万,还剩240万留个孩子。。。