Best HELOC?

[Super_Geo]

What's the best rate on home equity line of credits out there? I'm looking to get something in the $50k range, and at or hopefully below prime. My parents are willing to co-sign and can leverage their house (which is fully paid off).

What rates should I be expecting, and who provides a good HELOC?

[HRD2PLZ]

From what I have seen, your not going to get a HELOC below prime. I have heard ATB has a good HELOC program. It really depends who your first mortgage is through though, not all lenders will go "behind" a first mortgage on your title in which case you would have to get a HELOC through your lender.

[Super_Geo]

Does it matter that the house being leveraged is 100% paid off?

[s2k_boi]

^^ Nope. Most rates will be at prime. Your parents will be the one who carries this debt as the property is in there name. Just get your parents to go into the bank that they deal with and take out a heloc on the property.

[adamc]

buying a second investment property geo?

[ricefarmer]

Originally posted by adamc
buying a second investment property geo?

...not with 50K

[adamc]

that's a pretty good down payment on one..



also not every market is hyper inflated like Calgary's, there are lots of investment opportunities in BC, the maritimes, and especially the states.


Unless this is to go buy a car in the states


P.s. I didn't forget about the $, coming soon.

[max_boost]

I can hook you up with my buddy who works at TD. HELOC at prime, 0 legal fees and 0 home appraisal fee. It usually works out to $500 or so but he can waive it. I'm sure other banks can do it too but might have to grind them down a bit because I don't think they voluntarily just waive it.

[Celica TVS3]

If i remember corectly, AGF offers a prime -1% HELOC but the cash has to be put towards AGF funds. But that probably doesn't help you.

[A790]

What are you buying for 50K with the HELOC?

[CaptainReboot]

I got my HELOC through TD. The only time they would need an appraisal is if you think your house is worth a ridiculous amount and they need to send someone out. We just had to pay the legal fees. The rate was prime. Our main mortage is through them as well.

We just like to have all our banking in one spot, just to make it easy.

Getting a car with our HELEC from the states is something I'm considering. Just have to convince the wife.

[Super_Geo]

Hey thanks for the advice guys! I will be in touch with the people referred when I'm back on Canadian soil.

I'm down in Santa Monica right now and I'm just test driving a bunch of cars.

I had my heart set on an A3 when I got here, but my cousin works for Enterprise and that comes with some decent perks and opens some new doors! I'm renting a 2008 G35 sedan for $18/day with insurance They also sell a shitload of cars to dealerships and I can buy one of their used cars at $1200 below what the dealers are getting them for... so I'm going to drop by the lot tomorrow and see what they have to offer. I know the have a BMW 650i, 325i and 540i. I'll definately keep you guys posted, haha as I will be needing some advice on what to purchase

[phreezee]

The Appraisal fee is generally wiaved, unless you give them an out-there value estimate. Legal fee is tougher to get out of, so if you can get help that's a big plus since they are usually $300ish.

[blownz]

If you are a decent customer they won't make you pay for either. Simply refuse to pay the legal fee. I didn't even ask. They just told me there would be no charge. So easy to get money nowadays. lol