Personal Finance

Secured LOC - Setup and Rate Question

  • Last Updated:
  • Feb 3rd, 2011 2:28 pm
Tags:
None
Member
Feb 23, 2009
284 posts
19 upvotes
Toronto

Secured LOC - Setup and Rate Question

I am looking into a secured LOC of credit. I have a conventional charge mortgage with a lot of equity and do not plan on changing this mortgage.

1. How difficult is it to get a secured LOC at Prime + 0% (or better if possible)?

2. How many financial institutions will waive the $500ish setup fee?

Many thanks,

Detox
3 replies
Sr. Member
Aug 17, 2006
572 posts
691 upvotes
Toronto
Detox99 wrote: I am looking into a secured LOC of credit. I have a conventional charge mortgage with a lot of equity and do not plan on changing this mortgage.

1. How difficult is it to get a secured LOC at Prime + 0% (or better if possible)?

2. How many financial institutions will waive the $500ish setup fee?

Many thanks,

Detox

There are lots of threads already talking about rates. Banks can go to prime with no setup fee, but it involves lots of negotiating. Your best bet is to talk to the bank you currently have your mortgage with. Banks a more likely to offer better rates if you have multiple products with them already.
Member
Feb 23, 2009
284 posts
19 upvotes
Toronto
Looking for a little more information on this.

I was offered Prime + 0.5% plus setup fee (legals). Can I do better than this?

Can I get a secured line of credit at a different financial instituion from where my mortgage is?

Many thanks,

Detox
Deal Expert
Aug 2, 2001
18944 posts
10527 upvotes
Detox99 wrote: Looking for a little more information on this.

I was offered Prime + 0.5% plus setup fee (legals). Can I do better than this?

Can I get a secured line of credit at a different financial instituion from where my mortgage is?

Many thanks,

Detox

In a post just above yours there is someone who was offered Prime + 0.5% and waived the startup fees:
http://forums.redflagdeals.com/please-e ... me-999699/

If you are looking for a certain rate I would first start with a mortgage broker to see what they can find for you.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)