ArchEnemy Posted June 3, 2014 Report Share Posted June 3, 2014 Hey everyone, sorry to hijack this thread. Does anyone know a good RBC specialist in the Toronto Downtown area? Thanks Just visit the one at University and Dundas. Representatives in the banks around that area are all familiar with professional LOC for medical students. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 3, 2014 Report Share Posted June 3, 2014 I need to decide between Scotia and RBC soon. Like in the next couple hours. Anybody have any last minute thoughts? Scotia seems to win on the credit card front, and I like that they allow you to automatically make interest payments out of the LOC. I don't really care about getting all the money at once (RBC) especially since, at a 3 year school I'll be getting around 66 000 a year, that's plenty. Obviously I'm leaning towards Scotia, just wondering if anyone has any thoughts. Both reps were very nice, so that's not really a factor. Quote Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted June 3, 2014 Report Share Posted June 3, 2014 I need to decide between Scotia and RBC soon. Like in the next couple hours. Anybody have any last minute thoughts? Scotia seems to win on the credit card front, and I like that they allow you to automatically make interest payments out of the LOC. I don't really care about getting all the money at once (RBC) especially since, at a 3 year school I'll be getting around 66 000 a year, that's plenty. Obviously I'm leaning towards Scotia, just wondering if anyone has any thoughts. Both reps were very nice, so that's not really a factor. I'm with Scotia and have no regrets. Don't let the banks pressure you to decide right away, you can get the same deal later and you can always switch banks if you want to. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 3, 2014 Report Share Posted June 3, 2014 I need to decide between Scotia and RBC soon. Like in the next couple hours. Anybody have any last minute thoughts? Scotia seems to win on the credit card front, and I like that they allow you to automatically make interest payments out of the LOC. I don't really care about getting all the money at once (RBC) especially since, at a 3 year school I'll be getting around 66 000 a year, that's plenty. Obviously I'm leaning towards Scotia, just wondering if anyone has any thoughts. Both reps were very nice, so that's not really a factor. high pressure? wow - ha, that shouldn't happen really truth is you can pick one if you had to and switch later if you like. They are quite close, which is why it is hard to decide. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 3, 2014 Report Share Posted June 3, 2014 high pressure? wow - ha, that shouldn't happen really truth is you can pick one if you had to and switch later if you like. They are quite close, which is why it is hard to decide. No, it's not pressure from them! I'm just going to Calgary this weekend to look for apartments, and I'm going to sign papers while I'm there so I need to set it up now so that I can schedule viewing appointments. So basically it's pressure from myself. Quote Link to comment Share on other sites More sharing options...
Sarvish Posted June 3, 2014 Report Share Posted June 3, 2014 Is it weird to go in and sit down in different banks to just talk about LOC options? I'm in no rush to make a decision right now and would rather go in and talk to them without feeling pressured to sign up for anything. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 3, 2014 Report Share Posted June 3, 2014 Is it weird to go in and sit down in different banks to just talk about LOC options? I'm in no rush to make a decision right now and would rather go in and talk to them without feeling pressured to sign up for anything. is it weird to talk with various banks about taking out a quarter of a million dollar loan in a calm, non pressured way to get the best fit? no Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 3, 2014 Report Share Posted June 3, 2014 No, it's not pressure from them! I'm just going to Calgary this weekend to look for apartments, and I'm going to sign papers while I'm there so I need to set it up now so that I can schedule viewing appointments. So basically it's pressure from myself. ahhh no worries Quote Link to comment Share on other sites More sharing options...
Sarvish Posted June 3, 2014 Report Share Posted June 3, 2014 is it weird to talk with various banks about taking out a quarter of a million dollar loan in a calm, non pressured way to get the best fit? no Thanks! I guess it's just my overeager parents trying to trick me, never really dealt with banks on my own before so trying to approach this carefully. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 3, 2014 Report Share Posted June 3, 2014 Thanks! I guess it's just my overeager parents trying to trick me, never really dealt with banks on my own before so trying to approach this carefully. No worries - take your time. It is important to get this stuff right. I mean in general we do a terrible job of teaching personal finance to people - and that includes loans. It puts us all at a disadvantage. We think things that are complex when they usually aren't, and we miss the big important stuff. We spend without exaggeration thousands of hours learning stuff that really isn't all that important and spend so little time talking about things that no matter who you are are very much important. Our reaction is usually fear when confronted with taxes, investing, loans, insurance.....ha, really it would take an afternoon to explain the vast majority of all this. Too bad we don't actually do that. Too bad because knowledge is power and power is useful Quote Link to comment Share on other sites More sharing options...
Sarvish Posted June 3, 2014 Report Share Posted June 3, 2014 No worries - take your time. It is important to get this stuff right. I mean in general we do a terrible job of teaching personal finance to people - and that includes loans. It puts us all at a disadvantage. We think things that are complex when they usually aren't, and we miss the big important stuff. We spend without exaggeration thousands of hours learning stuff that really isn't all that important and spend so little time talking about things that no matter who you are are very much important. Our reaction is usually fear when confronted with taxes, investing, loans, insurance.....ha, really it would take an afternoon to explain the vast majority of all this. Too bad we don't actually do that. Too bad because knowledge is power and power is useful I wish there was a personal finance course in high school. I took a few years of accounting in high school and then a semester of actuarial science in undergrad so I know how to manage a lot of business math but when it comes to basic things I'm lost. Plan this summer is to figure out everything money-related. I do income taxes for my family every year but need to understand investments, loans, savings and a bunch of other important things. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 4, 2014 Report Share Posted June 4, 2014 I wish there was a personal finance course in high school. I took a few years of accounting in high school and then a semester of actuarial science in undergrad so I know how to manage a lot of business math but when it comes to basic things I'm lost. Plan this summer is to figure out everything money-related. I do income taxes for my family every year but need to understand investments, loans, savings and a bunch of other important things. glad you are trying to learn - ha, we all can learn more. There are a lot of basic finance books that can help If everyone read just one of them we would all be a lot better off. Quote Link to comment Share on other sites More sharing options...
jmatt1122 Posted June 4, 2014 Report Share Posted June 4, 2014 My LOC (well, $50k of it) just showed up on my online banking for use. Pretty shocked to have that much available credit. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 5, 2014 Report Share Posted June 5, 2014 My LOC (well, $50k of it) just showed up on my online banking for use. Pretty shocked to have that much available credit. ha imagine how shocked you will be when you have to pay tuition Quote Link to comment Share on other sites More sharing options...
hjk Posted June 11, 2014 Report Share Posted June 11, 2014 with scotia and RBC is the interest rate guaranteed to stay at prime (3%)? I am trying to get it at TD and they are saying its prime now but it could change Quote Link to comment Share on other sites More sharing options...
shady Posted June 11, 2014 Report Share Posted June 11, 2014 with scotia and RBC is the interest rate guaranteed to stay at prime (3%)? I am trying to get it at TD and they are saying its prime now but it could change No not guaranteed. I'm with Scotia and they can change it to whatever they want even if prime stays the same. Your defense is that you can always switch to another bank with a lower rate if this happens. Quote Link to comment Share on other sites More sharing options...
gojetsgo Posted June 11, 2014 Report Share Posted June 11, 2014 No not guaranteed. I'm with Scotia and they can change it to whatever they want even if prime stays the same. What? I literally just got back from meeting with an RBC specialist who said it will remain Prime + 0 not only through med school, but also through residency. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 11, 2014 Report Share Posted June 11, 2014 No not guaranteed. I'm with Scotia and they can change it to whatever they want even if prime stays the same. Your defense is that you can always switch to another bank with a lower rate if this happens. which is why it will stay at prime or at least not be different than any other bank. I should also say just to be make sure it is out there - the rate will very likely not remain at 3% for ever. Ha always hard to predict when it will increase but right now the talk is it will be stable until early 2015. Quote Link to comment Share on other sites More sharing options...
Silverwolf1277 Posted June 12, 2014 Report Share Posted June 12, 2014 What? I literally just got back from meeting with an RBC specialist who said it will remain Prime + 0 not only through med school, but also through residency. ya I'm with RBC and they said the same thing. Fellowship as well if you do one. Quote Link to comment Share on other sites More sharing options...
cookiemonster99 Posted June 12, 2014 Report Share Posted June 12, 2014 which is why it will stay at prime or at least not be different than any other bank. I should also say just to be make sure it is out there - the rate will very likely not remain at 3% for ever. Ha always hard to predict when it will increase but right now the talk is it will be stable until early 2105. you mean 2015 right...it would be nice for prime rate to remain that long lol Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 12, 2014 Report Share Posted June 12, 2014 you mean 2015 right...it would be nice for prime rate to remain that long lol ha oops, got to change that (actually that would be terrible economically speaking - although with loans I shouldn't complain ) Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 12, 2014 Report Share Posted June 12, 2014 ya I'm with RBC and they said the same thing. Fellowship as well if you do one. heard this before - check the fine print. See if it actually absolutely says that in writing. Quote Link to comment Share on other sites More sharing options...
Silverwolf1277 Posted June 12, 2014 Report Share Posted June 12, 2014 heard this before - check the fine print. See if it actually absolutely says that in writing. haven't finalized yet, waiting for final confirmation. Will definitely check before I sign. Quote Link to comment Share on other sites More sharing options...
amichel Posted June 12, 2014 Report Share Posted June 12, 2014 heard this before - check the fine print. See if it actually absolutely says that in writing. haven't finalized yet, waiting for final confirmation. Will definitely check before I sign. As far as I can tell, RBC and Scotia are the same in this regard. They say Prime +0% for repayment, but it does say in the contract that they reserve the right to change the adjustment factor. They just never have, and probably never will because everyone would just switch banks (unless they all did it at once, which I doubt). Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 12, 2014 Report Share Posted June 12, 2014 As far as I can tell, RBC and Scotia are the same in this regard. They say Prime +0% for repayment, but it does say in the contract that they reserve the right to change the adjustment factor. They just never have, and probably never will because everyone would just switch banks (unless they all did it at once, which I doubt). exactly, which means the promise is not binding - I mean that is ok, I just don't want anyone thinking they should go with Bank A because they think there is a guarantee that in fact does not really exist. and on some level if they are implying there is then they are simply lying to you or are not informed of their own products. Either way that is something I don't like Quote Link to comment Share on other sites More sharing options...
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