Minimum Monthly Payment Amount: The minimum monthly payment amount required to cover interest. A larger payment will go towards principal, reducing the balance owning.
Total Amount Available: The total amount of cash available to borrow from the HELOC.
Current Home Sale Price: The price you have sold your home for.
Current Mortgage Balance Remaining: The current balances of ALL mortgages on the property. These would need to be paid in full at the closing of your sale.
Legal Fees: The estimated legal fees for this type of transcation are between $1000 - $2000 + HST and Disbursements
Mortgage Penalty: If selling your house breaks your mortgage contract, you may be obligated to pay a mortgage penalty, which will be deducted from your maximum eligible amount for bridge financing.
Real Estate Commission: In Ontario, the typical total commission for both Realtors is typically around 4-5%.
