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HSBC

HELOC at Prime + 0%

  • Last Updated:
  • Aug 3rd, 2019 8:14 pm
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Deal Addict
Sep 12, 2017
2483 posts
284 upvotes
Sketchydrifter wrote: I think an even better deal... 3.3% (Prime - 0.4) with Alterna. But like the HSBC, mortgage needs to be with them as they can't be in second position.

https://www.alterna.ca/Personal/CreditS ... sOfCredit/
Looking around for HELOC for a potential car purchase. Have my mortgage with First National, does that mean I won't be able to get a HELOC with either HSBC or Alterna? Any other worth while sources?
Member
Mar 23, 2007
249 posts
69 upvotes
Heloc insurance, need to decide to buy or not. We already have life insurances.

Your credit protection monthly payment is $0.55 per $1000 for Life insurance and $0.72 for critical illness. As I mentioned to you on the phone, if you don’t carry balance then there is no cost, and if you carry a balance then the cost will be as mentioned.
Deal Addict
User avatar
Nov 19, 2007
1514 posts
382 upvotes
reggyDeal wrote: Looking around for HELOC for a potential car purchase. Have my mortgage with First National, does that mean I won't be able to get a HELOC with either HSBC or Alterna? Any other worth while sources?
BMO is the only place I've found that will go in second position. I tried Scotia, TD, RBC, HSBC, Tangerine, CIBC, Simplii, and National, and they will only do 1st position. BMO is the only one who will do it and it's at prime plus 1.5-2%, depending. BMO's fees are about $500 for legal and $300 for appraisal. Called a bunch of branches and some were willing to waive the appraisal fee, but none would do both. If I called enough branches, I'm sure I would've eventually found one that would do it, but I gave up and figured something else out!
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Newbie
Oct 10, 2018
1 posts
I am being offered a Home equity loan for a renovation at 3.69% for 5 years. Is this reasonable?
Jr. Member
Dec 3, 2016
130 posts
94 upvotes
HSBC is doing prime rate helocs again. anyone have luck getting the major banks to match.

Thanks!
Deal Addict
Feb 3, 2008
1970 posts
563 upvotes
Winnipeg
steviee32m wrote: HSBC is doing prime rate helocs again. anyone have luck getting the major banks to match.

Thanks!
RBC wouldn't budge on the prime plus 0.5%
Sr. Member
Aug 31, 2001
617 posts
67 upvotes
HSBC Prime Rate HELOC is not readvanceable right?
Sr. Member
Jun 18, 2003
764 posts
76 upvotes
I am shopping for a HELOC as well, any financial institution covers appraisal/legal fee?
Deal Expert
Feb 24, 2018
27157 posts
37128 upvotes
Prime + 0% on a HELOC is respectable.

Unless you absolutely need a HELOC though, I'd go 5-year fixed as we float down river into recession.

Or at least get your approvals in for whatever loan facility, prior to the recession.

It's coming, folks.
I aim to be inclusive and considerate of others in my posts. If I fall short of that mark, feel free to let me know in good faith, and where appropriate, I'll edit my posts. Thank you.
Deal Addict
Jul 11, 2008
1954 posts
1477 upvotes
redflagdealsguy wrote: Prime + 0% on a HELOC is respectable.

Unless you absolutely need a HELOC though, I'd go 5-year fixed as we float down river into recession.

Or at least get your approvals in for whatever loan facility, prior to the recession.

It's coming, folks.
Is it true that for 1 to get a HELOC, the mortgage has to be a collateral mortgage? Ie. A conventional (non-collateral mortgage) is not eligible for HELOC?
Sr. Member
Jun 2, 2017
786 posts
390 upvotes
adilh53 wrote: Is it true that for 1 to get a HELOC, the mortgage has to be a collateral mortgage? Ie. A conventional (non-collateral mortgage) is not eligible for HELOC?
Want to understand the same as I believe its the opposite. From looking at previous posts it seems as long as HSBC is in #1 position of the HELOC then a conventional mortgage would be eligible.

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