MillerTime Posted August 8, 2008 Report Share Posted August 8, 2008 you pay interest on the balance you have withdrawn from the LOC. So if you have already withdrawn $150,000, you will be paying interest on that balance. If you haven't taken anything out of it, you will be paying interest on $0 (which is of course, $0 interest). So question 1 - Yes, you would have taken out your whole LOC and would pay interest on it, and question 2 - no, because interest on $0 is $0. I have a question about 2 different scenarios concerning line of credits: If I got one, and used up the full amount (150000) by the end of my second year, would I be paying the interest on this 3rd and 4th years? If I got one but didn't use any of it years 1 and 2, would I still need to pay anything during years 1 and 2? Link to comment Share on other sites More sharing options...
Dante Posted August 8, 2008 Report Share Posted August 8, 2008 ok, so i think what blake is saying is that desjardin's "prime" is actually higher than the 'prime' rate set by the bank of canada, so "desjardin's prime" - 0.5% is still only ' bank of canada's prime' Link to comment Share on other sites More sharing options...
lostintime Posted August 8, 2008 Report Share Posted August 8, 2008 Yeah I think 4.75% is around what RBC quoted for me. But I don't see the point in going to RBC. They have ZERO other benefits whereas at least BMO has air miles. I don't need their little VISA card that other non-LOC people get anyway. Link to comment Share on other sites More sharing options...
mbene085 Posted August 8, 2008 Report Share Posted August 8, 2008 Yeah I think 4.75% is around what RBC quoted for me. But I don't see the point in going to RBC. They have ZERO other benefits whereas at least BMO has air miles. I don't need their little VISA card that other non-LOC people get anyway. Yeah, that's why I went with BMO. Honestly, Air Miles is the only reward system I could see myself using effectively. I don't need the "warranty extension" feature of certain platinum cards. The only other thing that could be useful would be the straight up cashback cards, but those generally have lower returns. Link to comment Share on other sites More sharing options...
register Posted August 8, 2008 Report Share Posted August 8, 2008 RBC you can also take it all out as one huge lump sum. So, if you want to pay a downpayment for a house (you're not suppose to with the LOC because it's "supposedly" for tuition) you could do that with RBC Link to comment Share on other sites More sharing options...
AMmd Posted August 8, 2008 Report Share Posted August 8, 2008 can't seem to find any reference to a prime -0.5% on their website... is this only if you're getting a mortgage? or is it offered as their standard/negotiable line of credit to med students? its offered as the standard loc for med/dent/pharm students. and you are right apparently their "prime" is not the bank of canada's prime (according to RBC) however its still 4.75 (less than what RBC offered me). does anybody know what the Bank of Canada's prime is? Link to comment Share on other sites More sharing options...
AMmd Posted August 8, 2008 Report Share Posted August 8, 2008 Im just curious, anybody here have a mortage? if so, what was the reduction offered to you? Link to comment Share on other sites More sharing options...
webshy Posted August 8, 2008 Report Share Posted August 8, 2008 Im just curious, anybody here have a mortage? if so, what was the reduction offered to you? I have a mortgage. It is fixed at 4.35% for 6 months. When I looked at variable rates, I believe the best I was offered was prime - 0.6%. However, that was a five year mortgage, and I wanted to only be locked in for six months, so that I could re-evaluate my options after I have had a few terms as a student. Elaine Link to comment Share on other sites More sharing options...
hp18 Posted August 9, 2008 Author Report Share Posted August 9, 2008 Other than OSAP is there any Federal Loan available? Any one knows of Govt. loans other than OSAP? Banks are too scary:( Link to comment Share on other sites More sharing options...
Dante Posted August 11, 2008 Report Share Posted August 11, 2008 go to MD management/national bank. Nice and friendly... the oma/cma make sure you get the best rate with them. If of course you mean scary as in the amount of interest you have to pay... then you're out of luck... OSAP's the only place you'll find interest free money to borrow. Link to comment Share on other sites More sharing options...
camaliya Posted October 17, 2008 Report Share Posted October 17, 2008 Okay friends, I am a college student. I would like to know that students who are eligible to receive the federal Pell grant get it no matter what correct? I heard a lot of grants are given based on availability of funds. I'm on the bottom of the list to get my application reviewed so I’m just worried I won’t receive any grants. I really need the grants. Can you please help me? Thank you very much in advance. Link to comment Share on other sites More sharing options...
Bizblogged2 Posted November 10, 2008 Report Share Posted November 10, 2008 Thank you for sharing useful information.If all you are putting down is 5% and have 10k in cash then you only need $3200.00 more so before I would take out more debit I guess I would sell a little stock. ( the market isn't that great right now) As far as a loan goes I would do a 30yr fixed. 15yr fixed will make your payments higher but the rate for a 30yr is a good one. If you do the 30yr fixed and just make 1 extra house payment per year you will achieve about the same as a 15yr. In most cases you won't be in the home over 10 yrs if this is your first home. Link to comment Share on other sites More sharing options...
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