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Discussion Starter #1
I have been trying to get Scotia to put our STEP at prime + 0.5% for the last month, but I'm not having any luck. I asked two reps and the branch manager, they said no. I currently pay prime + 1%. ( I think everyone accross the board was moved up last fall to this prime + 1% )

So yesterday I read on Canadianmortgage trends that Manulife, BMO, RBC and National Bank are now at prime + 0.5% on their helocs.

Just wondering what interest rate everyone is paying and how I approach the bank about lowring our rate.

Thank you.
 

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Mine is still Prime with National Bank. This is conditional upon keeping a Platinum Mastercard ($120 annual fee) and is a part of the Engineering Students and Graduates program.
 

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Discussion Starter #4
Mine is still Prime with National Bank. This is conditional upon keeping a Platinum Mastercard ($120 annual fee) and is a part of the Engineering Students and Graduates program.
That's a fantastic rate. Apparently National Bank is now giving out prime + .05 through a broker.
 

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P @ rbc. but they are milking me with my regular mortgage. they offered my P-0.4 while the market rate was P-0.6

so i am paying a higher rate for the money i borrowed so i can get a better rate on the money that i "may" borrow "sometime in future". not smart, i agree. but the difference was not worth switching. they know it and they are using it (me) :(
 

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BMO Homeowner ReadiLine is at Prime + .5% called their toll-free number and no hassle. Called my rep at TD today and I'm trying to get her to bring me down to prime. Should find out by Thursday.
 

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BMO Homeowner ReadiLine is at Prime + .5% called their toll-free number and no hassle. Called my rep at TD today and I'm trying to get her to bring me down to prime. Should find out by Thursday.
Nice to hear that you can ask a question and they give you an answer with no hassle. With Scotia, they don't even return their phone calls or emails.
 

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BMO Homeowner ReadiLine is at Prime + .5% called their toll-free number and no hassle. Called my rep at TD today and I'm trying to get her to bring me down to prime. Should find out by Thursday.
Finally managed to get my rate down to prime + .5%. They didn't wanna budge on bringing it down all the way to prime for right now.
 

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Nice to hear that you can ask a question and they give you an answer with no hassle. With Scotia, they don't even return their phone calls or emails.
Thats very interesting... we won't be buying Scotia stock anytime soon if this is their level of 'service'!
 

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Discussion Starter #13
In a recent thread on RFD, everyone was asked to list, from best to worst, what they thought was best of the top 5 banks. The thread grew quite large and not surprisingly almost everyone that replied said TD was the best for service, with Scotia being the worst. RBC, CIBC and BMO did not fair well either. TD did have a lot of positive comments. The other banks were just negative comments.

I can't wait for my mortgage to be paid off. I might just tell them off when it's done. Maybe I will feel better. :D
 

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In a recent thread on RFD, everyone was asked to list, from best to worst, what they thought was best of the top 5 banks. The thread grew quite large and not surprisingly almost everyone that replied said TD was the best for service, with Scotia being the worst. RBC, CIBC and BMO did not fair well either. TD did have a lot of positive comments. The other banks were just negative comments.

I can't wait for my mortgage to be paid off. I might just tell them off when it's done. Maybe I will feel better. :D
A bit off-topic but I do agree TD is probably the best of the big 6 (including National Bank) in terms of customer service. Just the fact that they are open *8 till late* is a huge convenience for lots of us. Compare that to my local National Bank branch which is open 10 - 5 and close on Saturdays.
 

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A bit off-topic but I do agree TD is probably the best of the big 6 (including National Bank) in terms of customer service. Just the fact that they are open *8 till late* is a huge convenience for lots of us. Compare that to my local National Bank branch which is open 10 - 5 and close on Saturdays.
A lot of banks are doing the late hrs. these days - I guess because of competition and revenue pressures.
Our local Scotiabank is now open until 7 and on Sat.
CIBC trumped that with Sunday hrs.
BMO have also extended their hrs.

Going back to original topic, everyone's experience is different.
I'm not disputing the results of the survey, but my experience with TD Bank branch was bad.
I had a much better experience a few years later with their telephone customer service when opening an eSeries account, but the branch experience still leaves a bad taste in my mouth.
I was trying to buy a house when I was new in the country and those guys pretty much shooed me away.
They weren't interested in what I could do and try to offer some options.
I had a slightly better experience with Scotiabank and CIBC at that time.
And now those very same snooty, stiff-upper-lip banks are aggressively advertising products and offerings for newcomers with no credit history.
How times change!
Competition and capitalism is a great leveler.
 

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I've experienced a difference over the years in their level of customer service at TD - for the better. I was very sad when TD took over Canada Trust, I noticed slowly the hours were dragged back (CT used to be open until 8 pm plus Saturdays). However, lately the customer service at TD has been excellent and I am very happy with them. And their Select Service account has rocked my world lately :)

edit: Ooops sorry, way off topic. I'm curious if anyone is currently being offered prime on their HELOC?
 

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Heloc rate

Can anyone tell me if there is any disadvantage to having a HELOC vs. an unsecured LOC. I realize you get a better rate when it is secured. but is there any drawbacks?
I currently have an unsecured LOC with CIBC at P + 2% and am considering getting a HELOC at a lower rate.

any comments?
 

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There's the hassle of applying. Also, if you default on the loan, it's secured against your home. Other than that, not really. Unsecured lines are mainly for people without equity to drawn upon.
 

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edit: Ooops sorry, way off topic. I'm curious if anyone is currently being offered prime on their HELOC?
I have prime minus 0.5% on my HELOC. However, it was negotiated before the worst of the financial crisis. It did require a home inspection.
 

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What are the chances of getting the bank to foot the cost of appraisal, legal fees, etc. these days?
I had tried setting up an HELOC a few years ago (pre-2008) and at that time the bank was not willing to eat any of the costs.
Is it the same these days?
 
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