[问题] Secured Line of Credit -- what rate can I get?

[小傻]

I am going to talk with a financial advisor in TD tomorrow to open a secured line of credit with them...what a reasonably good rate can I get?

Situation: We have our mortage with TD for about 1.5 yrs and we have paid off around 60% of the house purchasing price...

Prime -0.8% as the current floating rate is good enough?

Any input would be highly appreciated...

 

[oread]

That's a fantastic rate.

 

[基础墙]

最初由 小傻 发布
I am going to talk with a financial advisor in TD tomorrow to open a secured line of credit with them...what a reasonably good rate can I get?

Situation: We have our mortage with TD for about 1.5 yrs and we have paid off around 60% of the house purchasing price...

Prime -0.8% as the current floating rate is good enough?

Any input would be highly appreciated...

我觉得跟天上掉馅饼差不多呀

反正是比我的那个好多了－－大概三年前换了家银行做line of credit，给prime，当时觉得挺好的。现在也不敢随便换，要新的就得close旧的，好像还要交discharge fee。

好在我的那个line of credit账号只是救急用。

 

[qwer]

TD 的估计不好。
收你6xx费，还要比prime多。
谈完了，别当时答应，回来好好想一想

 

[挺傻]

SECURED LINE是FULLY OPEN的，不过是MONTHLY COMPOUNDED，也有的地方据说是每天都COMPOUND，问清楚这个。
偶觉得单纯的LINE给PRIME-0.8很好很好了。
比如SCOTIA是用RESTRUCTURE的方式，最低可以给到prime-0.85,但是是有一定条件的。

 

[小傻]

thanks for all the replies! :thanks:

 

[BobtheBuilder]

another "little" mortgage

最初由 小傻 发布
thanks for all the replies! :thanks:

Other than the usual secured LOC, sometimes banks will give you another "little" Mortgage for a larger sum, say you want to buy a car or renovate the house, you need to borrow 10,000, instead of getting a usual LOC (prime rate), they will give you prime-0.85 and treat it as a small mortgage. The good news is the low rate, the bad news is, it is subject to all the restrictions of prepayment, which means you can only prepay say 20-25% each year if you want to pay off the 10,000 early.

Another factor to consider is, if you borrow to invest, the interest cost can be used to write off some of your income. But if it's done in the form of Mortgage, it becomes tricky. Need to verify with your bank........

Hope this helps. If you get good rate, please share with us......Thanks.