Are you sure TD would take 2nd position behind Scotia and give you 3 yr var at 2.15%? I would double check that.Szharkov wrote: ↑Mar 17th, 2017 4:44 pmBeen looking to open up a HELOC. Went to TD yesterday to inquire about their HELOC promotion (fees waived - appraisal/legal). You must pull 50k in the first 3 months in order to get the fees waived.
However the catch in my situation is that my mortgage is with with Scotia (standard charge) and TD will only offer Prime + 1.5% for HELOC in 2nd position. I said that's too high and they offer the Fixed Rate (FROA) where they lock in an amount you specify to a fixed/variable rate, sort of like a mortgage inside the heloc. You can lock in at say 2.15% at 3YR variable.
Now question is, will I have issues at mortgage renewal if I have a HELOC with TD (revolving and/or fixed rate option)?
Rather than go to the different branches, I would call them. I usually ask for their most senior financial or account manager.