QUOTE (RedlineBrett @ Mar 3 2009, 07:47 PM)
Nothing from BMO on my HELOC. Still prime -1%.
Also just got a new one from ATB at prime + 0.75%.
Also got quoted a rate of 4.4% fixed / 5yrs. Anyone else doing better than that?
I am currently getting borrowers between 4.19% and 4.39% for 5 years from multiple lenders, depending on the strength of the buyer and of the subject property.
Nothing from BMO on my HELOC. Still prime -1%.
Also just got a new one from ATB at prime + 0.75%.
Also got quoted a rate of 4.4% fixed / 5yrs. Anyone else doing better than that?
I am currently getting borrowers between 4.19% and 4.39% for 5 years from multiple lenders, depending on the strength of the buyer and of the subject property.
QUOTE (Nicola @ Mar 2 2009, 07:29 PM)
Hi Tommy,
Does this apply to LOCs on HSBC Equity Power Mortgages? We have two that we got last summer at prime.
Thanks,
Nicola
To answer a few inquiries about LOC. What it boils down to is either your LOC is secured or unsecured.
Yes, banks have complicated measures on whose unsecured LOC get affected by this market condition. Simply put, credit score and "relationship" with a bank will be the main determinants (at least for HSBC). Say a client only has a chequing and an unsecured LOC with "OK" credit. He/she is very likely to experience an increase of rate by April 1st. On the other hand, if you have a strong relationship with a bank (ie. HSBC's Premier clients with multiple products and deposits/loans), then your unsecured LOC is NOT affected at this point. Of course, Premier client means you will meet the minimum criteria of $150K deposit or $350K total debt. (not hard at all in this group of investors.. LOL)
Nicola:
Don't quote me, but you might be getting a letter saying that your Equity Power Mortage HELOC will be priced from prime to prime + 1%, which is in line of the market. If you haven't received a letter, then that's good for you!!
I don't know what other banks are doing to their "valued" clients. At least for HSBC, certain clients are not affected as much at this point. But who knows what is going to happen! PRIME RATE JUST DROPPED TO 2.5%!!!
Happy Investing!
Regards
Tommy Kao
Hi Tommy,
Does this apply to LOCs on HSBC Equity Power Mortgages? We have two that we got last summer at prime.
Thanks,
Nicola
To answer a few inquiries about LOC. What it boils down to is either your LOC is secured or unsecured.
Yes, banks have complicated measures on whose unsecured LOC get affected by this market condition. Simply put, credit score and "relationship" with a bank will be the main determinants (at least for HSBC). Say a client only has a chequing and an unsecured LOC with "OK" credit. He/she is very likely to experience an increase of rate by April 1st. On the other hand, if you have a strong relationship with a bank (ie. HSBC's Premier clients with multiple products and deposits/loans), then your unsecured LOC is NOT affected at this point. Of course, Premier client means you will meet the minimum criteria of $150K deposit or $350K total debt. (not hard at all in this group of investors.. LOL)
Nicola:
Don't quote me, but you might be getting a letter saying that your Equity Power Mortage HELOC will be priced from prime to prime + 1%, which is in line of the market. If you haven't received a letter, then that's good for you!!
I don't know what other banks are doing to their "valued" clients. At least for HSBC, certain clients are not affected as much at this point. But who knows what is going to happen! PRIME RATE JUST DROPPED TO 2.5%!!!
Happy Investing!
Regards
Tommy Kao
QUOTE (GarthChapman @ Mar 3 2009, 10:30 PM) I am currently getting borrowers between 4.19% and 4.39% for 5 years from multiple lenders, depending on the strength of the buyer and of the subject property.
I believe TD is also doing 4.39% for 5-year. HSBC, however, only offers 4.39% to homebuyers (yikes!). Some banks just don`t have the appetite for investors these days, and that shows on their rates for revenue properties!
On the other hand, we do have an awesome 3-year fixed at 3.95% for homebuyers. This is an awesome rate in my opinion.
Regards,
Tommy
I believe TD is also doing 4.39% for 5-year. HSBC, however, only offers 4.39% to homebuyers (yikes!). Some banks just don`t have the appetite for investors these days, and that shows on their rates for revenue properties!
On the other hand, we do have an awesome 3-year fixed at 3.95% for homebuyers. This is an awesome rate in my opinion.
Regards,
Tommy
QUOTE (mortgageman @ Mar 2 2009, 09:28 PM)
I got a notice from TD that my unsecured line of credit was being hiked to prime plus 5.75.
It's the only account I have with TD and there's a minimal balance so it may be they are looking to get rid of me. I won't close the account, I'll just keep it at zero balance and have it as an emergency source of funds.
Looks like most banks are sending out "letters"... to notify rate of increase. Yikes.
I haven't received a letter from TD yet, but I have a feeling that my unsecured LOC will go up from prime + 3.5% to something higher...
There's too much uncertainty at this point. I have a feeling that since banks are making less return on their investments (and losses from variable rate mortgages with prime minus), they are trying to make up the difference by jacking up unsecured LOC. Hey, times are tougher for a lot of people so the chance of dipping into the LOC is MUCH higher these days.
After all, banks are NOT non-profit organizations.
I got a notice from TD that my unsecured line of credit was being hiked to prime plus 5.75.
It's the only account I have with TD and there's a minimal balance so it may be they are looking to get rid of me. I won't close the account, I'll just keep it at zero balance and have it as an emergency source of funds.
Looks like most banks are sending out "letters"... to notify rate of increase. Yikes.
I haven't received a letter from TD yet, but I have a feeling that my unsecured LOC will go up from prime + 3.5% to something higher...
There's too much uncertainty at this point. I have a feeling that since banks are making less return on their investments (and losses from variable rate mortgages with prime minus), they are trying to make up the difference by jacking up unsecured LOC. Hey, times are tougher for a lot of people so the chance of dipping into the LOC is MUCH higher these days.
After all, banks are NOT non-profit organizations.
QUOTE (TommyK @ Mar 3 2009, 10:59 PM) After all, banks are NOT non-profit organizations.
That`s true! But have you looked at their profits recently? They are not exactly hurting (Canadian Banks).
Kind of like oil companies saying they are only passing on the costs of crude thus higher prices at the pump, only making pennies per litre. But it`s amazing how much more profits they made last few years! Exponentially higher.
That`s true! But have you looked at their profits recently? They are not exactly hurting (Canadian Banks).
Kind of like oil companies saying they are only passing on the costs of crude thus higher prices at the pump, only making pennies per litre. But it`s amazing how much more profits they made last few years! Exponentially higher.
QUOTE (Cargren @ Mar 4 2009, 11:02 AM) That`s true! But have you looked at their profits recently? They are not exactly hurting (Canadian Banks).
Kind of like oil companies saying they are only passing on the costs of crude thus higher prices at the pump, only making pennies per litre. But it`s amazing how much more profits they made last few years! Exponentially higher.
Oh yeah for sure. While US Banks are desperate for gov`t money, Canadian banks are reporting profits!!!
Kind of like oil companies saying they are only passing on the costs of crude thus higher prices at the pump, only making pennies per litre. But it`s amazing how much more profits they made last few years! Exponentially higher.
Oh yeah for sure. While US Banks are desperate for gov`t money, Canadian banks are reporting profits!!!
QUOTE (TommyK @ Mar 4 2009, 02:50 PM)
To answer a few inquiries about LOC. What it boils down to is either your LOC is secured or unsecured.
Yes, banks have complicated measures on whose unsecured LOC get affected by this market condition. Simply put, credit score and "relationship" with a bank will be the main determinants (at least for HSBC). Say a client only has a chequing and an unsecured LOC with "OK" credit. He/she is very likely to experience an increase of rate by April 1st. On the other hand, if you have a strong relationship with a bank (ie. HSBC's Premier clients with multiple products and deposits/loans), then your unsecured LOC is NOT affected at this point. Of course, Premier client means you will meet the minimum criteria of $150K deposit or $350K total debt. (not hard at all in this group of investors.. LOL)
Nicola:
Don't quote me, but you might be getting a letter saying that your Equity Power Mortage HELOC will be priced from prime to prime + 1%, which is in line of the market. If you haven't received a letter, then that's good for you!!
I don't know what other banks are doing to their "valued" clients. At least for HSBC, certain clients are not affected as much at this point. But who knows what is going to happen! PRIME RATE JUST DROPPED TO 2.5%!!!
Happy Investing!
Regards
Tommy Kao
Just got the letter from HSBC - our Equity Power HELOCS are going up .5% (as of March 30- prime + .5%) - so it negates the drop in prime. Guess I should be happy that it's only .5%(?)
Would be nice if, when interest rates go back up, they cut it back down again, but I guess that's never going to happen!
To answer a few inquiries about LOC. What it boils down to is either your LOC is secured or unsecured.
Yes, banks have complicated measures on whose unsecured LOC get affected by this market condition. Simply put, credit score and "relationship" with a bank will be the main determinants (at least for HSBC). Say a client only has a chequing and an unsecured LOC with "OK" credit. He/she is very likely to experience an increase of rate by April 1st. On the other hand, if you have a strong relationship with a bank (ie. HSBC's Premier clients with multiple products and deposits/loans), then your unsecured LOC is NOT affected at this point. Of course, Premier client means you will meet the minimum criteria of $150K deposit or $350K total debt. (not hard at all in this group of investors.. LOL)
Nicola:
Don't quote me, but you might be getting a letter saying that your Equity Power Mortage HELOC will be priced from prime to prime + 1%, which is in line of the market. If you haven't received a letter, then that's good for you!!
I don't know what other banks are doing to their "valued" clients. At least for HSBC, certain clients are not affected as much at this point. But who knows what is going to happen! PRIME RATE JUST DROPPED TO 2.5%!!!
Happy Investing!
Regards
Tommy Kao
Just got the letter from HSBC - our Equity Power HELOCS are going up .5% (as of March 30- prime + .5%) - so it negates the drop in prime. Guess I should be happy that it's only .5%(?)
Would be nice if, when interest rates go back up, they cut it back down again, but I guess that's never going to happen!
QUOTE (selewis @ Mar 6 2009, 10:57 PM)
all you have to do is ask. i received the word that TD was upping my LOC from prime plus 3 to prime plus 3.5. i called them and asked if they could do anything, and less than one minute later the lady came back to me with prime plus 2.75. all i did was ask.
Oh, I should ask my TD lady too! Thanks for the tip!
all you have to do is ask. i received the word that TD was upping my LOC from prime plus 3 to prime plus 3.5. i called them and asked if they could do anything, and less than one minute later the lady came back to me with prime plus 2.75. all i did was ask.
Oh, I should ask my TD lady too! Thanks for the tip!
QUOTE (mponte @ Mar 6 2009, 12:18 PM) I haven`t heard anything from Scotiabank as of yet but I guess it`s just a matter of time.
I recently got a rate from TD on a 4 year Fixed at 3.98%. There are some fantastic rates out there.
That is a fantastic rate for revenue properties. 3.98% 4-year fixed. Man.....
I recently got a rate from TD on a 4 year Fixed at 3.98%. There are some fantastic rates out there.
That is a fantastic rate for revenue properties. 3.98% 4-year fixed. Man.....
QUOTE (selewis @ Mar 6 2009, 11:57 PM)
all you have to do is ask. i received the word that TD was upping my LOC from prime plus 3 to prime plus 3.5. i called them and asked if they could do anything, and less than one minute later the lady came back to me with prime plus 2.75. all i did was ask.
Well, it finally happened. Scotiabank sent us notice that our unsecured LOC is going from prime+0.5 to prime+1.5% (still a great rate, I know). I checked our paperwork and it indeed says the bank can change the adjustment amount from "time to time". I called our banking officer and she said, sorry no room for negotiation. Oh, well. Still very cheap money!
all you have to do is ask. i received the word that TD was upping my LOC from prime plus 3 to prime plus 3.5. i called them and asked if they could do anything, and less than one minute later the lady came back to me with prime plus 2.75. all i did was ask.
Well, it finally happened. Scotiabank sent us notice that our unsecured LOC is going from prime+0.5 to prime+1.5% (still a great rate, I know). I checked our paperwork and it indeed says the bank can change the adjustment amount from "time to time". I called our banking officer and she said, sorry no room for negotiation. Oh, well. Still very cheap money!
