# HELOC: prime +1%.



## jason26 (Apr 6, 2009)

Was at TD today to open TDW accounts for my kids, and I asked about a HELOC.. They quoted me prime +1%. Is that normal? It didn't sound that good to me for someone who has 0 debt. and owns his house outright and makes a decent salary.


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## Jungle (Feb 17, 2010)

Not the best rate, but I have prime + 0.5 with Scotia.


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## HaroldCrump (Jun 10, 2009)

Scotiabank quoted me P+1%.
They weren't willing to negotiate down under any circumstances.
I guess Jungle is a better customer than I am 

I suspect lower rates may be attainable through a broker rather than directly with the bank.
If you want to stay with TD, go through a broker and ask him to run some quotes.
Then pick TD...it may be better than what the branch is offering you directly.
The broker will still make some commission...everyone is happy.


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## Jungle (Feb 17, 2010)

HaroldCrump said:


> I guess Jungle is a better customer than I am


No just put more effort into complaining by writing a 4 page letter to the office of the president. 

They banks don't want to budge because spreads are low and they are cautious on how far yields are going to drop.


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## Shayne (Apr 3, 2009)

Unfortunately TD won't let brokers offer their heloc. 

I would just tell TD you will get your heloc at P+.5 elsewhere.


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## HaroldCrump (Jun 10, 2009)

Jungle said:


> No just put more effort into complaining by writing a 4 page letter to the office of the president


Ah so this is on an account that you already have.
And I suppose there's a balance on that?
In my case, this was just a casual inquiry.


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## wonderdollar (Oct 13, 2010)

While some of the banks branches offer various rates for HELOC, National Bank is giving HELOC at prime +0.5% through broker channels but may still be giving prime + 0.75% or prime +1.0% in its branches.


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## Riff Raff (Sep 5, 2010)

we got prime + 0.5% from BMO w/o any hassle.


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## Jungle (Feb 17, 2010)

HaroldCrump said:


> Ah so this is on an account that you already have.
> And I suppose there's a balance on that?
> In my case, this was just a casual inquiry.


Yes there was a balance on it, however I doubt that had any bearing. The office of the president person that spoke with us even had to get permission from above. (must have went pretty high up?). None the less, I think if you complain enough, they will move it.


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## dougboswell (Oct 25, 2010)

*Heloc rates*

As of Oct 25/10 rates from 3.35 to 3.50 are avaialable through a broker. If you walk into a bank they will not offer you this.


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## electricianhoward (Oct 15, 2010)

*My heloc is P+1 with TD*

I called TD a few times. no lucky. I am in toronto


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## Jungle (Feb 17, 2010)

dougboswell said:


> As of Oct 25/10 rates from 3.35 to 3.50 are avaialable through a broker. If you walk into a bank they will not offer you this.


Care to share who is offering 3.35%? (Assuming that's prime + 0.35)


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## Riff Raff (Sep 5, 2010)

electricianhoward said:


> I called TD a few times. no lucky. I am in toronto


given TD is now issuing collateral mortgages and the other big banks will potentially give you prime + 0.5%, i'd be waving goodbye.


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