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I'm fine with that rate with prime being so low. Once the market starts to stabilizes/recover and interest rates go up I'll move it under my mortgage.
 

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Yes, it's at ING Direct Canada. And it's a regular LOC, not an RRSP loan. If you have an account there, you can click on their "view our rates" button and scroll down near the bottom where you'll see "credit account: as low as 4.2%".

Now that I look around, I don't see any way to apply for one :confused:
I got mine when it was directly offered to me a couple of years back so maybe it's by invitation only.
 

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Pardon the ignorance, but I'm still not exactly sure what a line of credit is. I read the definition at Investored.ca, and it sounds simple enough

An account that you set up with a financial institution (often a bank) to borrow money. It lets you borrow what you need, when you need it, up to a certain limit.
But how exactly does this differ from say, a regular loan from the bank?
 

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Also, you only pay interest on the actual amount of money you borrowed in your LOC. With a regular loan, you get one lump sum of money and you start paying interests on the entire amount. A LOC is much more flexible in the sense that you are free to borrow and reimburse whenever you want, up to your LOC limit.
 

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Also, you only pay interest on the actual amount of money you borrowed in your LOC. With a regular loan, you get one lump sum of money and you start paying interests on the entire amount. A LOC is much more flexible in the sense that you are free to borrow and reimburse whenever you want, up to your LOC limit.
Ah, got it. Makes sense, thanks!
 

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Loc

At the Royal I pay 4.5%
What rate do you use for current prime (3%???)
The bank list they prime as 3 plus 1-----
kind of a mystery.......
 
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