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?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/
HSBC
HELOC at Prime + 0%
- SCORE
- Reason
Score breakdown ×
- Upvote
-
0%
- Not a good price
-
0%
- Bad product/service
-
0%
- Poor merchant reputation
-
0%
- Unable to get the deal
-
0%
- Other (downvote)
-
0%
- reggyDeal
- Deal Addict
- Sep 12, 2017
- 2483 posts
- 284 upvotes
- bigbadboss101
- 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.
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.
- dtp11
- Deal Addict
- Nov 19, 2007
- 1514 posts
- 382 upvotes
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!
➡ ⬅
- Asleoc
- 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?
- steviee32m
- 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!
Thanks!
- bryan35
- Deal Addict
- Feb 3, 2008
- 1970 posts
- 563 upvotes
- Winnipeg
RBC wouldn't budge on the prime plus 0.5%steviee32m wrote: ↑ HSBC is doing prime rate helocs again. anyone have luck getting the major banks to match.
Thanks!
- Sedul
- Sr. Member
- Aug 31, 2001
- 617 posts
- 67 upvotes
HSBC Prime Rate HELOC is not readvanceable right?
- FAQ
- Sr. Member
- Jun 18, 2003
- 764 posts
- 76 upvotes
I am shopping for a HELOC as well, any financial institution covers appraisal/legal fee?
- redflagdealsguy
- 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.
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.
- adilh53
- Deal Addict
- Jul 11, 2008
- 1954 posts
- 1477 upvotes
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?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.
- CEOofPopeyes
- Sr. Member
- Jun 2, 2017
- 786 posts
- 390 upvotes
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.
Thread Information
There is currently 1 user viewing this thread. (0 members and 1 guest)