Quote:
Originally posted by ashedfc
Quote:
Originally posted by Pramod Chopra
If you are going to put 20% down payment and want a LOC as well then look for the most flexible product which offers combination of mortgage and line of credit. It is called ALL IN ONE from National Bank. Here is the http://nbc.ca/bnc/cda/feeds5/0,2726,divId-2_langId-1_navCode-16578_navCodeExTh-4050,00.html
Read all the benefits of this product which include free checking account, availability of the funds in HELOC at a much lower interest rates the mortgage is paid down and above all security and peace of mind.
N.B. You might see a rate of prime +1.00% for the HELOC on the website but the rate is prime + 0.5% through mortgage brokers and at prime (directly) if you are an engineer.
p.s. I have tried number of times but the link is not being displayed properly so please visit National Bank's website at http://www.nbc.ca" rel="nofollow">LINK and look for their mortgage products and learn about ALL IN ONE mortgage line of credit.
Good luck.
Yes, True All in One is Prime for Engineers, & Licensed Doctors too. Others its Prime + 0.5%. But with this the Prime less spread is not the best in the industry. They don't offer Prime-0.8%.
Thats correct.
Presently National Bank does not have the best variable rates but they have competitive rates with other big banks. However, this flexible product save them in interest by not having the need to keep 'rainy day' money in savings account or GICs. Moreover, one can put everything in 1 year term at close to 2.55% and then decide after a year what product to chose as hopefully by that time variable rate mortgage at National Bank may also be in line with their competitors.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Thats correct.
Presently National Bank does not have the best variable rates but they have competitive rates with other big banks. However, this flexible product save them in interest by not having the need to keep 'rainy day' money in savings account or GICs. Moreover, one can put everything in 1 year term at close to 2.55% and then decide after a year what product to chose as hopefully by that time variable rate mortgage at National Bank may also be in line with their competitors.
So one could take a LOC from TD Bank, get to 20% down payment and save CMHC, and repay the TD's LOC with National Bank's home equity LOC?
It is getting cut off because of commas in URL. You can remove check mark from Automatically parse URLs when composing a post and add [ url ] http://www.nbc.ca/bnc/cda/feeds5/0,2726,divId-2_langId-1_navCode-16579_navCodeExTh-4050,00.html [ /url ] without spaces between square brackets and url.
http://www.nbc.ca/bnc/cda/feeds5/0,2726,divId-2_langId-1_navCode-16579_navCodeExTh-4050,00.html" target="_blank">http://www.nbc.ca/bnc/cda/feeds5/0,2726,divId-2_langId-1_navCode-16579_navCodeExTh-4050,00.html
-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||
Quote:
Originally posted by ashedfc
1. Negotiate hard Prime-0.8% is available.
2. 15k or 20k is not a huge amount, you should be OK. Keep in mind after the LOC gets approved, even though you don't use it, it appears on your Credit Bureau report as available credit. This might hamper your servicing ratio calculation. So do the bigger one first, & then just take whatever is available. You don't need it in anyway (its just an emergency measure, I believe).
Update & question for you
I have Personal LOC approved from my regular bank ( TD ) & valid till 31st Oct
TD rep told me since its pre-approved, bank will not check any credit history or anything while processing
In the meanwhile I applied for Mortgage & got better rate from BMO
My Mortgage broker while applying mortgage also applied for Personal LOC & its approved
So is it a good option to process Personal LOC from TD also
So in case need comes, I can use them
But will that affect my credit history if I use or if I don't use Personal LOC from TD
Can you advice ?
Posts: 309
Location: INDIA (sometimes Canada)
Posted on: 26-10-10 17:44:24
Location: INDIA (sometimes Canada)
Posted on: 26-10-10 17:44:24
credit history will not be affected by your use of LOC.
credit history gets afftected only in two cases:
1. creditor makes an enquiry on your credit file.
2. you miss a payment of crditors bill's minimum amount due.
but if you regularly keep on paying minimum payment, credit score (credit history) actually improves.
It is possible to have sevrals LOCs and borrowing from each in turn to make a minimum payment of the last LOC and improve your credit score every month.
-----------------------------------------------------------------
Enjoy Happiness -- Happy from India
Quote:
Originally posted by m2611
Update & question for you
I have Personal LOC approved from my regular bank ( TD ) & valid till 31st Oct
TD rep told me since its pre-approved, bank will not check any credit history or anything while processing
In the meanwhile I applied for Mortgage & got better rate from BMO
My Mortgage broker while applying mortgage also applied for Personal LOC & its approved
So is it a good option to process Personal LOC from TD also
So in case need comes, I can use them
But will that affect my credit history if I use or if I don't use Personal LOC from TD
Can you advice ?
Though not a professional advise but I would still say if your closing is near, then you should be careful when applying for additional credit until the day of closing. All your credit card/loan balances and unused credit are reported in your credit history. Most probably bank has already checked your credit history before providing you with preapproval for LOC.
-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||
Quote:
Originally posted by Happy
credit history will not be affected by your use of LOC.
but if you regularly keep on paying minimum payment, credit score (credit history) actually improves.
It is possible to have sevrals LOCs and borrowing from each in turn to make a minimum payment of the last LOC and improve your credit score every month.
Happy
Are you 100% sure about this statement that "Credit history will not affect by taking LOC" ?
Thanks
Quote:
Originally posted by rajcanada
Though not a professional advise but I would still say if your closing is near, then you should be careful when applying for additional credit until the day of closing. All your credit card/loan balances and unused credit are reported in your credit history. Most probably bank has already checked your credit history before providing you with preapproval for LOC.
Raj,
Here is a situation
As said earlier my Mortgage & Personal LOC from BMO is already processed
That means credit history check & other formality is already completed by BMO
I am going to BMO this week or next week to sign final papers for Mortgage & Personal LOC
From last few months, my regular TD bank told me about Pre-approved Personal LOC. I didn't process this Personal LOC because Mortgage was more important for me & I don't want to disturb any credit history & affect my final mortgage approval
Now even after approval of Final Mortgage & Personal LOC from BMO, I still have Personal LOC available from TD
The problem is this Personal LOC from TD is valid till 31st Oct
So if I don't process, it might expire
So my question is
1.If I process this personal LOC from TD & don't use - will this affect my credit history
2. If I process this personal LOC from TD & really use when required - will this affect my credit history
Please also remember, for this personal LOC from TD which is Pre-approved by bank they will not check my credit history during processing
Thanks
