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Discussion Starter #1
Hi,

What's your opinion on future interest rate charge for line of credit secured against principal residence? I think all the banks charge prime + 1%. Now with higher prime is there a chance they will go to just prime, or at least prime plus 0.5%?
Or maybe some of you already know a place where you can get prime? I tried to increase my credit at MBNA but they refused to go higher than $15k. Their rates are great 1% + 0.99% for a year.

Thanks
Jerry.
 

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Well, RBC was nice enough to increase everyone's LOC interest rate by 1% a few months ago. Your rating or standing with them didn't matter and they just sent a letter informing you of the fact and saying you had no choice, suck it up. I know they used all sorts of feel-good rhetoric in the letter but that was the message.
 

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This may have been posted before but worth a reminder.

NBC (National Bank of Canada) will offer HELOC at Prime if you are a graduate of an accredited engineering program. You do not need any professional designation (P. Eng in Ontario) to qualify. You do have to provide a copy of your degree.
 

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Well, RBC was nice enough to increase everyone's LOC interest rate by 1% a few months ago. Your rating or standing with them didn't matter and they just sent a letter informing you of the fact and saying you had no choice, suck it up. I know they used all sorts of feel-good rhetoric in the letter but that was the message.
Not mine. Are you referring to HELOC? Mine went up .25% yesterday when prime was increased but still at 2.5%
 

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when prime goes up, the way your rate is calculated wont change. just like a variable mtg, your rate will go up the same amount as prime as thats the only thing changing.
 

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Discussion Starter #7
when prime goes up, the way your rate is calculated wont change. just like a variable mtg, your rate will go up the same amount as prime as thats the only thing changing.
It's not what we're talking about. When your rate is prime it changes with prime, but they change the rate to prime +1%, that's not the same.
 

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If you read the mortgage rates thread on RFD, some people are already claiming prime + 0.5 from TD through some haggleing. I asked a rep at my Scotia branch if she could do this, she said "no." I will be asking management as they owe me a favor from the last screw up, I declined their compensation so I might have a chance. I think we can get prime + 0.5, you just have to push for it.
 
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