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CMHC Mortgage Rule Changes - Home Equity Line of Credit

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Uploaded by on Jan 26, 2011

Today we're here to talk about home equity lines of credit and the new CMHC changes announced earlier this week.

A home equity credit is a credit line, think of something similar to your credit card, but secured to your property. What this means is that you can borrow a very large sum of money because your property itself is worth hundreds and thousands of dollars. You could borrow this money at a very cheap rate similar to mortgage rates. Compared to your credit card, which might be 20% or even higher, this seems like a fantastic deal.

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