Financial Channel

My husband and I are assuming our mortgage as our credit isn't very good. My sister bought the condo for us 4 years ago in her name. But we supplied the downpayment and have paid every month. We will be assuming at the end of the year after she renews. So what I'm wondering is after we assume the condo can we at some point in the future get a Home Equity Line of Credit or are they strict with the credit requirements? Since it s secured in your home you would think it wouldn't be a problem but I know nothing about this Thanks for any insight!

The maximum loan on a condo you will get for a HELOC is 65% of the condo value. Credit requirements are not to strict since you will not be going through CMHC. As long you don't have horrendous credit, it should not be a problem. What's your idea of bad credit? Also income must be there to show that you can be approved for the amount.