I received the same letter from TD. This is on secured lines, unsecured are much higher. You cannot jump into the one year and jump out without paying a discharge fee! This is just a small dose of reality that these low low emergency rates are only temporary, used for stimulation. Don`t get used to them. Make sure your properties will at least break even at 6-8% as this is where we are headed. I am purchasing property and locking in at 5 years making sure to pay down the principle down to a sufficient amount so they once again break even 5 years from now at at about 7%. If you doubt my forcast then smply googje "historic mortgage rates" an you will clearly see these low rates were used several l times to stimulate and were quickly raised into the 7-8% domain. Don`t get lured into thinking this time is different or you will be one of those that gets hurt.
QUOTE (Goodstuff @ Sep 23 2009, 01:59 AM) From what I understand this is only being done to unsecured lines of credit. Is your LOC secured? If so, this is something new to me. At any rate, I`d take them up on their offer of 2.5% for the next year, then immediately start shopping around for a better deal. Once you find it, sign up with them and move ALL of your money out of TD. All of it. This is the only way to send a message to them that this practice is unacceptable. If enough people did this then it would stop.
