Do banks (Scotia) usually increase HELOC automatically when you pay/prepay main mortgage?
New to HELOCs. Do banks usually increase your available HELOC cap automatically when you pay or prepay extra $$$to your main mortgage?
I’m with Scotia and their STEP program and am being told I need to go in branch to sign EVERY single time I want to increase the HELOC cap even if I have room. I asked 3 different Scotia advisors from 2 different branches and you’d think they know but am getting conflicting answers and am waiting on escalation. The high turnover in branch employees these days ain’t helping.
For those wondering, I’m not planning on going on a credit-fueled shopping binge to help the economy, am just about to implement the cash dam strategy.
I’m with Scotia and their STEP program and am being told I need to go in branch to sign EVERY single time I want to increase the HELOC cap even if I have room. I asked 3 different Scotia advisors from 2 different branches and you’d think they know but am getting conflicting answers and am waiting on escalation. The high turnover in branch employees these days ain’t helping.
For those wondering, I’m not planning on going on a credit-fueled shopping binge to help the economy, am just about to implement the cash dam strategy.