Personal Finance

Shopping for a secured LOC

  • Last Updated:
  • Dec 16th, 2016 8:45 pm
Newbie
Dec 13, 2016
4 posts

Shopping for a secured LOC

Hi Finance Pros,

I'm pretty new to redflagdeals. I read some of the topics here and there seems to be super knowledgeable people that contribute in the forum. I'm currently shopping for a secured line of credit. Would like to know if you have encountered any offers from any major banks and other lenders? I'm securing the loan against my house.

Thanks for your feedback!

- Damien
7 replies
Deal Fanatic
Nov 22, 2015
7844 posts
8792 upvotes
tdot647 wrote: Hi Finance Pros,

I'm pretty new to redflagdeals. I read some of the topics here and there seems to be super knowledgeable people that contribute in the forum. I'm currently shopping for a secured line of credit. Would like to know if you have encountered any offers from any major banks and other lenders? I'm securing the loan against my house.

Thanks for your feedback!

- Damien
Not much room to negotiate on an SPLC.

The going rate is Prime + 0.5%.

If you can get a bank to waive set-up fees, then go with that. Otherwise, you could go with PC Financial who charges a $150 flat fee for setup.
Newbie
Dec 13, 2016
4 posts
superfresh89 wrote: Not much room to negotiate on an SPLC.

The going rate is Prime + 0.5%.

If you can get a bank to waive set-up fees, then go with that. Otherwise, you could go with PC Financial who charges a $150 flat fee for setup.
According to my brief research, the rate you described seemed to be about right.

However, I came across the following from CIBC -

https://www.cibc.com/en/personal-bankin ... redit.html

Which seems to be prime - 0.5%. Not sure if I qualify for it.
Deal Fanatic
Nov 22, 2015
7844 posts
8792 upvotes
tdot647 wrote: According to my brief research, the rate you described seemed to be about right.

However, I came across the following from CIBC -

https://www.cibc.com/en/personal-bankin ... redit.html

Which seems to be prime - 0.5%. Not sure if I qualify for it.
It's P-0.5% only until March 31. Then it reverts to P+0.5.

Doesn't make a difference unless they are willing to cover the fees or if you're borrowing a huge amount between now and Mar 31
Sr. Member
Jan 3, 2013
919 posts
475 upvotes
Mississauga
superfresh89 wrote: It's P-0.5% only until March 31. Then it reverts to P+0.5.
Actually the promo rate is available until July 16.
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
tdot647 wrote: Hi Finance Pros,

I'm pretty new to redflagdeals. I read some of the topics here and there seems to be super knowledgeable people that contribute in the forum. I'm currently shopping for a secured line of credit. Would like to know if you have encountered any offers from any major banks and other lenders? I'm securing the loan against my house.

Thanks for your feedback!

- Damien
Who is your mortgage with?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jun 1, 2008
47 posts
2 upvotes
I was able to get TD to swallow the setup fees on the condition I took the maximum available credit.

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