Quote:
Originally Posted by shane_c
So what would be the difference between a HELOC and a regular LOC? Our mortgage is with Scotiabank but we do our day to day banking with RBC. Do we have to go with the mortgage holder for this?
We are considering getting a garage built and would need to finance it somehow. It seems like a reasonable investment. It would cost about $15K and for our area would likely add $25K in value to the house.
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I know our (a Credit Union) standard procedure is to charge a bonus over the
standard Home Equity Credit rate if we are 2nd Charge to another Financial Institution.
Another option to consider is to do a smaller 2nd Mortgage for your garage right now with Scotia Bank. As they hold your 1st Mortgage right now, they
should be able to offer you 1st Mortgage rates on the small loan.