PC Financial HELOC line - anyone has it? Your feedback
Hey guys,
UPDATE MAY 5TH: we got the heloc with PC Financial. Now the question: how do you pay for a used car (1.5-2 years old SUV) with this line? PC gave us 2 bank cards attached to account (daily limit of $200). If we go to a dealership for test drive i would want the car asap (we have our own business so its realllyyyyy tricky to spend away from it).
Most dealerships request Bank Draft of Money Order - As per PC - i would have to call in for this draft and they will send it to me vial MAIL 5-7 business days....GEEEZ!
Any other ideas how to pay for car utilizing the HELOC? (will be doing $5000 downpayment)
we are shopping for HELOC up to $150k (not necessarily use the whole amount, but mostly to buy a used Toyota Highlander and perhaps some renos later).
PC Financial is offering prime +0.5% as second place credit line, $150 fee covers appraisal and legal fees.
If we decide to sell the house (we just renewed our Mortgage in July/16 with First National), what happens to HELOC line?
do we need to repay it asap? PC mentioned there is a $250 discharge fee to close the line.
We bank with BMO and they offer 3.7% for HELOC and NOT covering any fees.
Scotiabank - 3.2% and they will cover only appraisal fee and we have to pay $450-500 for legal fees.
I am kinda lost in these options now...
We currently have $300K in mortgage and house is worth around $870-900K in Newmarket.
UPDATE MAY 5TH: we got the heloc with PC Financial. Now the question: how do you pay for a used car (1.5-2 years old SUV) with this line? PC gave us 2 bank cards attached to account (daily limit of $200). If we go to a dealership for test drive i would want the car asap (we have our own business so its realllyyyyy tricky to spend away from it).
Most dealerships request Bank Draft of Money Order - As per PC - i would have to call in for this draft and they will send it to me vial MAIL 5-7 business days....GEEEZ!
Any other ideas how to pay for car utilizing the HELOC? (will be doing $5000 downpayment)
we are shopping for HELOC up to $150k (not necessarily use the whole amount, but mostly to buy a used Toyota Highlander and perhaps some renos later).
PC Financial is offering prime +0.5% as second place credit line, $150 fee covers appraisal and legal fees.
If we decide to sell the house (we just renewed our Mortgage in July/16 with First National), what happens to HELOC line?
do we need to repay it asap? PC mentioned there is a $250 discharge fee to close the line.
We bank with BMO and they offer 3.7% for HELOC and NOT covering any fees.
Scotiabank - 3.2% and they will cover only appraisal fee and we have to pay $450-500 for legal fees.
I am kinda lost in these options now...
We currently have $300K in mortgage and house is worth around $870-900K in Newmarket.
Last edited by edkate on Mar 30th, 2017 11:53 am, edited 2 times in total.