Personal Finance

All In One Mortgages - Increase Equity Options

  • Last Updated:
  • Jul 26th, 2020 5:48 pm
[OP]
Member
User avatar
Sep 12, 2006
273 posts
184 upvotes
London

All In One Mortgages - Increase Equity Options

Hi All,

So I have an All-In-One mortgage with National Bank (https://www.nbc.ca/personal/mortgages/all-in-one.html).
I have a professional package that gives me the line at prime, up to 3 accounts free and unlimited interac transactions.

I signed up 10+ years ago and asked to get a line increase (equity of house has increased) and they said to do that I'd have to basically go through the application process again.
We were hoping to add some additional cap room for rainy days, investments and renovations.
But in doing so, I loose the prime rate, but they'd give me a preferred rate at prime + 0.1 (the current promotion is prime + 0.25%).
I know that doesn't sound like much, but that's an increase of $300+/yr.

Question to you all financial experts, is it worth losing the prime rate I'm getting?
Is there another vehicle I can get so I can keep my current account with NB and have access to extra funds if needed?

Thanks!
3 replies
Sr. Member
Dec 12, 2016
505 posts
519 upvotes
montyhall wrote: Hi All,

So I have an All-In-One mortgage with National Bank (https://www.nbc.ca/personal/mortgages/all-in-one.html).
I have a professional package that gives me the line at prime, up to 3 accounts free and unlimited interac transactions.

I signed up 10+ years ago and asked to get a line increase (equity of house has increased) and they said to do that I'd have to basically go through the application process again.
We were hoping to add some additional cap room for rainy days, investments and renovations.
But in doing so, I loose the prime rate, but they'd give me a preferred rate at prime + 0.1 (the current promotion is prime + 0.25%).
I know that doesn't sound like much, but that's an increase of $300+/yr.

Question to you all financial experts, is it worth losing the prime rate I'm getting?
Is there another vehicle I can get so I can keep my current account with NB and have access to extra funds if needed?

Thanks!
Can they open a separate sub account with the new rate and leave the existing one as is? If not, consider Simplii for a secured line of credit. They're willing to go in second position and the rate is P+0.5%. Setup cost is $150.00.
[OP]
Member
User avatar
Sep 12, 2006
273 posts
184 upvotes
London
Hi @Here2day2 ,

Thanks for the suggestions.
Unfortunately, the mortgage advisor I've been assigned isn't the best and suggesting a separate sub account would likely blow his mind.
I noticed they have a Personal Flex Line (https://www.nbc.ca/personal/borrowing/lines-credit.html), might try this.
A little upset he's not suggesting this.

If all else fails I'll look into Simplii.

Thanks!
MH
Sr. Member
Dec 12, 2016
505 posts
519 upvotes
montyhall wrote: Hi @Here2day2 ,

Thanks for the suggestions.
Unfortunately, the mortgage advisor I've been assigned isn't the best and suggesting a separate sub account would likely blow his mind.
I noticed they have a Personal Flex Line (https://www.nbc.ca/personal/borrowing/lines-credit.html), might try this.
A little upset he's not suggesting this.

If all else fails I'll look into Simplii.

Thanks!
MH
You'll get the preferential rate with the personal line of credit as well. Good luck.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)