costar Posted June 19, 2013 Report Share Posted June 19, 2013 can you buy a house on your line of credit? what happens to your line of credit after residency? I read that my interest rate will go to a rate to be determined... what does that mean? Link to comment Share on other sites More sharing options...
future_doc Posted June 19, 2013 Report Share Posted June 19, 2013 Rate should remain the same. Re buying a house using the LOC, the fine print can bring your LOC to asn end, although I believe it has occasionally been done to buy a house. Not recommended. Link to comment Share on other sites More sharing options...
WtsupDoc? Posted June 19, 2013 Report Share Posted June 19, 2013 Your rate should always remain *prime* even during residency. But the prime rate will change throughout the duration of your loan. Link to comment Share on other sites More sharing options...
BoyInTheBubble Posted June 19, 2013 Report Share Posted June 19, 2013 I did it. I'm with RBC. No problems. Rate is 3%. I pay it down at my leisure. Slow now, but that will pick up significantly. I will pay it down in like 5 years. But unlike a 5 year mortgage where the payments are the same, I can pay more when I have it. Link to comment Share on other sites More sharing options...
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