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Today: 17.01.2018 - 21:48:20
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> Would banks give mortgages around 30k or is that to low?
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parky76

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Would banks give mortgages around 30k or is that to low?
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Canadian discount broker
Post # 1.

praga_mgp

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Probably not a conventional loan, but you might be able to get a home equity line of credit for that amount. Or, if you already own a house, refinance your existing house and take the cash out to do the fixerupper.
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poli_b

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No. The least a mortgage lender will provide is 50k. There isn't any profit in an amount less then that. Try a relative and do a private mortgage. I would gladly have someone repay me 6%. Better then the 1% the bank is providing. That is how we bought our first house. Mother in law was the bank and a lawyer set up a repayment contract.
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Canadian mortgage rates
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ostrie

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It really isn't investing if you are borrowing the money.You need to go for closer to 50k for loans, no banks are doing loans for so little. The money they will receive will not cover the cost of maintaining the records and mailing you statements.
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prkush

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I don't see why not, surely it would fall under low cost housing. Banks here in South Africa will finance 50 square meter low cost houses of about 50,000ZAR, which is currently around $6700. I'm sure they can assist you.
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Canadian housing and mortgage corporation
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poli_b

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Many of the major nationwide lenders are no longer bothering with mortgages less than $100K, simply because interest rates are low, and the profit to be derived doesn't meet their expectations on smaller loans, in comparison to the costs of generating such loans. However, any smaller local bank would probably entertain the notion of granting an 'in-house mortgage' to you, given sufficient credit and financial stability on your part.
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