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Rock Star Real Estate Minute: How To Get a Better Interest Rate on Your Credit Line

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0 comments on “Rock Star Real Estate Minute: How To Get a Better Interest Rate on Your Credit Line”

  1. Hey Tom,
    Your right about asking your bank for a lower rate on your HELoC. About a year ago, I noticed that RBC has their REGULAR HELoC rate at prime + .5....this is not a promotion. I did some inestigating, and all other banks (including TDCT who I have been with for over 25 years AND where I have 3 HELoC's) have their HELoC rates at prime + 1%. I called my Manager at my local TD branch where I do all my banking, and he said "no problem"....we will match that! (He wouldn't gp lower, I tried 🙁 )
    So the next day, I was in there at my local branch to sign for the reduced rate of prime plus .5%, and I have saved hundreds of $$ ever since. My advice to everyone...take Tom's advice and if you bank anywhere other than RBC, simply tell them that you want your rate to match RBC's rate and don't forget to tell your bank that RBC's HELoC rate is NOT A PROMOTION ! If they don't match it, I would call RBC up and move your business.
    Good luck!

    1. Hi Trent, perhaps ... you'll have to start calling around to see who is offering what - no one posts their best rate publically so you literally have to call around.

      See Aldo's comment here as well for what we mean.

      - Tom.

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