Real Estate

HELOC - No fees/best rate?

  • Last Updated:
  • Mar 22nd, 2017 1:48 pm
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Deal Expert
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Apr 21, 2004
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What is the best rate we can get for HELOC's not with the mortgage lender, i.e. second position?

Like a few of you, just realized might as well apply for one just for the rainy days and especially since most of our properties have appreciated over the past one/two years.
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Sep 19, 2012
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Calgary
alanbrenton wrote:
Mar 19th, 2017 9:32 am
What is the best rate we can get for HELOC's not with the mortgage lender, i.e. second position?

Like a few of you, just realized might as well apply for one just for the rainy days and especially since most of our properties have appreciated over the past one/two years.
Check ratespy.com. TransCanada CU and Rocky CU both have prime. Disadvantage is you need to be in Alberta for Rocky CU and TCCU is open only to current/former TransCanada employees.
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ahlaker wrote:
Mar 19th, 2017 2:03 pm
Check ratespy.com. TransCanada CU and Rocky CU both have prime. Disadvantage is you need to be in Alberta for Rocky CU and TCCU is open only to current/former TransCanada employees.
I ticked the HELOC box and after entering some information, it seems only IG and HQ Mortgages have 2.95% HELOC rates but when I click on the details, it's mostly to do with the mortgage and not the HELOC.
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Sep 19, 2012
405 posts
237 upvotes
Calgary
alanbrenton wrote:
Mar 19th, 2017 7:40 pm
I ticked the HELOC box and after entering some information, it seems only IG and HQ Mortgages have 2.95% HELOC rates but when I click on the details, it's mostly to do with the mortgage and not the HELOC.
Yeah in Ontario looks like your choices are limited. Give the Talka CU guys a call as they appear to have a cheaper rate (5bps is still better than a poke in the eyeball) plus they paid a 7% interest rebate last year (no guarantee of this in the future). As you probably guessed from my posts I'm pro-CU and I think they tend to offer very competitive products. Good luck!!
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Apr 21, 2004
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CIBC's offer of Prime - 0.50% until November is quite interesting Ahlaker.

I'm speaking to my mortgage broker who went AWOL here and see what my options are.
====

CIBC's promo offer will expire in November and after that, either P + 1/2% or P + 1%, advisor hasn't gotten back to me as to what the criterion is that determines the premium to prime.
Last edited by alanbrenton on Mar 20th, 2017 8:06 pm, edited 1 time in total.
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So TD rates for non-1st collateral position seem to suck.

I might go PCF or CIBC then.

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