View Full Version : HELOC rates?
Melfice
Feb 17th, 2008, 01:00 PM
Just wondering what kind of rate does everyone have one their HELOC. Prime? Or better. Thanks!
oeketer
Feb 17th, 2008, 01:11 PM
Just wondering what kind of rate does everyone have one their HELOC. Prime? Or better. Thanks!
it should be at prime.
Melfice
Feb 18th, 2008, 04:51 AM
Anyone got better rate than prime from their bank? Thanks!
Thalo
Feb 18th, 2008, 12:44 PM
Better than prime is usually a teaser rate. I don't think anyone, other than bank staff, can get below prime on a HELOC in the long-term.
CheapCanuck
Feb 18th, 2008, 12:45 PM
We were quoted at prime. Haven't heard of anyone that offers better than prime, but I'll watch this thread. I wouldn't mind taking advantage of an offer like that :)
AAA
Feb 19th, 2008, 06:28 PM
Just wondering what kind of rate does everyone have one their HELOC. Prime? Or better. Thanks!
Is this a new HELOC or not? You should get below prime for a new HELOC.
For renewal, it is closed to prime. Your bank will send you the renewal notice with the quoted rate, don't accept it. Go to the bank and talk to them.
For us, we went to different branch of the same bank to get a lower rate.
sgozali
Feb 19th, 2008, 11:19 PM
You used to be able to get below prime (prime- 0.3%/0.4%), but not anymore. HELOC would be at least at prime.
You can get an open mortgage at below prime.
TrevorK
Feb 20th, 2008, 07:37 PM
Anyone got better rate than prime from their bank? Thanks!
With our local treasury branch I was told that every year I can renew my HELOC at the promo rate, however I would also need to increase the amount of the HELOC (Which may incur an appraisal fee). So, eventually I wouldn't be able to continue because the HELOC would equal 80% of my home value.
I have talked to several mortgage brokers and none can find a permanent below-prime HELOC for myself.
Icedawn
Feb 21st, 2008, 01:33 AM
my mortgage broker brother was also unable to secure me a below prime heloc. He claims they just don't exist anymore for the average person.
pitz
Feb 21st, 2008, 01:41 AM
If you own stocks (or are intending to invest in them), you can obtain margin rates below prime.
webworm
Feb 21st, 2008, 08:50 PM
You will not find a home equity line of credit below prime anywhere. In the spring you might find a teaser for a certain period that's it.