Real Estate

HELOC fee's and rates

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  • Apr 6th, 2021 8:20 pm
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[OP]
Member
May 12, 2014
278 posts
746 upvotes

HELOC fee's and rates

looking to setting up a HELOC to purchase a precon condo.
want to know fee's associated in setting up a heloc and the rate%.
thanks in advance
4 replies
Deal Fanatic
User avatar
Jan 6, 2002
6297 posts
6659 upvotes
Toronto
Those numbers vary by bank/financial institution and on your personal financial situation. People have posted rates here ranging from P-1% to P+10%, and fees ranging from $0 to thousands.

So you'll need to ask your bank/FI of choice for their numbers for your financial situation.
Si Tacuisses, Philosophus Mansisses
Deal Addict
May 18, 2015
1758 posts
770 upvotes
Ottawa,Ont
I have P+0.5%, have heard of other banks doing P if its a large enough balance
Deal Addict
May 23, 2006
1452 posts
465 upvotes
Vancouver
I also have P+0.5%.
I don't really use it. It's good to have it as a backup emergency cash draw at anytime or if i need the cash to exercise warrants/options.
Sr. Member
Feb 14, 2005
800 posts
572 upvotes
Toronto
Assuming you don’t have an existing mortgage....

Use a mortgage broker.

Administrative fees are usually covered by the broker. Home appraisal fees are covered by the broker or lender but you won’t get a copy of the report. You can try asking.

Legal fees are borne by you. I paid around $1100.

I have prime rate with a big 5.

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