LoC 2017

[tutgang566]

I was curious what kind of deals for lines of credits people at the University of Manitoba have been getting. I'm about to start checking but was wanting a good idea on what is a good deal. I've heard Scotiabank is good from the big med school forum on this site, but I'm not seeing anyone from Manitoba mentioning if Scotiabank are giving them these deals also (like prime-0.25 for the interest rate).

[Recoil]

54 minutes ago, tutgang566 said:

I was curious what kind of deals for lines of credits people at the University of Manitoba have been getting. I'm about to start checking but was wanting a good idea on what is a good deal. I've heard Scotiabank is good from the big med school forum on this site, but I'm not seeing anyone from Manitoba mentioning if Scotiabank are giving them these deals also (like prime-0.25 for the interest rate).

Scotia will give you P - 0.25.  All the banks will provide you with the same products that are being talked about on the main LOC page.  Scotia (Wpg)  is in a bit of flux right now because our advisor recently left unexpectedly, but they will be matching the other big banks with that rate.

You just have to make sure you talk to the people who specialize in these products, and not some random loan officer; you can usually find that information through their website.

 

Basically don't settle for anything less than 250-275k, P - 0.25%, annual credit cards fees waived; regardless of what bank you choose

[Britster]

I went with RBC because I found them easier to work with, but that's really just personal preference. RBC now offers P-0.25% so it doesn't really matter where you go I think. You can meet with a few different places and see who offers you the best deal and/or who you mesh better with. 

[BrightWinters]

Any idea what we take to the bank to sign a LOC, is printing out our electronic acceptance letter enough or do we need to wait until we receive other documentation?

[tutgang566]

On 2017-06-12 at 1:58 AM, BrightWinters said:

Any idea what we take to the bank to sign a LOC, is printing out our electronic acceptance letter enough or do we need to wait until we receive other documentation?

I think you only need an acceptance letter? It might vary from bank to bank.

 

So far I've talked to CIBC and Scotiabank and both can offer me prime-0.25% for the interest rate, both give 275k over the course of your studying, both provide credit cards (CIBC gives the Aventura card with 15000 bonus points and $10000 credit limit, Scotiabank gives the ScotiaGold AMEX and ScotiaGold VISA with no bonus points apparently, $5000 limit each), Scotiabank said they would give free cheques and potentially unlimited e-Transfers, and CIBC didn't mention anything yet.

 

I feel Scotiabank might be a bit better right now, since the AMEX is amazing for gathering points, especially with the free cheques and potential e-Transfers, but I'm still going to talk to RBC and TD to get some more ideas of what is available (I heard rumours that RBC might offer you 2 years after you finish residency to start repayment, but I'm going to have to actually inquire about this).

[easytiger]

On 6/12/2017 at 1:58 AM, BrightWinters said:

Any idea what we take to the bank to sign a LOC, is printing out our electronic acceptance letter enough or do we need to wait until we receive other documentation?

Email the admissions office and they will write you up a letter stating that you've accepted your offer, and the banks should take that as proof.