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Line of Credit (secured) rate negotiation ?
June 22, 2020
7:26 pm
maxb
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I am wondering if anyone out there has had success in negotiating down the rate that their bank charges on their Secured Line of Credit.

Currently TD charges Prime+1.00 (similar to BNS), thus 3.45%
However Tangerine charges Prime-0.10, thus 2.35

Thats a big difference when your carry a large balance.

June 22, 2020
9:53 pm
cruzinalong
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What do have as security for Tangerine? Take the 2.35.

June 24, 2020
7:55 pm
maxb
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Currently have a LOC at TD.

Moving it to Tangerine will involve $250 appraisal fee and between $800-$1200 in lawyer fees...

So breakeven would require over $100K for just over a year.

Also, Tangerine states that its a "Special rate" and no indication if it will change in the future.

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