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  1. General Personal Finance Talk
    Hey everyone, Just curious about what everyone else's current interest rates are on their line of credits. I have an unsecured personal LOC at Scotiabank with an interest rate of 5.95% (prime +2.5) with a credit score above 790. I'm thinking this is a good rate but I'm not really sure so...
  2. Investing
    I'm looking for some input on my present scenario. I'm coming up on the renewal for my mortgage. My HELOC rate is currently Prime + .5% (3.5%). I've been trying to negotiate that down as I've got $72k on it used for investment purposes and it will probably go up to $96k shortly. RBC isn't...
  3. Real Estate
    I'm taking the plunge into home ownership. I plan on setting up some type of LOC as an emergency fund, along with some cash too. The downpayment was 20% of the purchase price. I don't know what the house would be appraised for, our lender passed it with an automatic system. I will be...
  4. Real Estate
    As I had previously posted, the mortgage rules regarding lending practices by the regulated financial institutions will come in effect on October 31st, 2102. These rules essentially limit the availability of funds through your line of credit to 65% of the value of your home rather than the...
  5. Real Estate
    Nobody is this forum has actually covered these new rules off with much detail as of yet so here's the highlights. What is rarely covered is the fact that two sets of rules were issued not just those that effect insured mortgages. OSFI also issued residential mortgage lending guidelines...
  6. Real Estate
    I am looking to buy my first rental property. I know that there is a minimum 20% down payment, and I want to know whether I can use my HELOC for the down payment. Any ideas from this great community please?
  7. Real Estate
    We have a few threads on current mortgage rates being offered to forum members but I could not find one on HELOC rates. Anyone here care to share what rate you were offered and by whom? Does the amount of the loan impact the rate offered?
  8. General Personal Finance Talk
    I have just started looking for a home equity line of credit. Currently, I found 3 institutions offering a rate of prime+0.5%. These 3 institutions are suggesting that I would have to cover the legal costs of setting it up. I'm trying to negotiate this but, not having much luck. [Royal Bank...
  9. Real Estate
    For anyone that has recently initiated or been recently looking at HELOC options, what is the best option right now? I know MDJ made a post a couple years ago on this and there is a comparison chart for all the available readvanceable mortgages in Canada but this was made almost 2 years ago...
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