tag:blogger.com,1999:blog-5465015914589377788.post8089817355269747539..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Extra Charges Opening a PC Financial Secured Line of CreditMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-5465015914589377788.post-74889010439276345712020-11-01T18:31:30.520-05:002020-11-01T18:31:30.520-05:00The comment above is a reply to Larry MacDonald...The comment above is a reply to Larry MacDonald's comment:<br /><br />I had the same thing happen when I bought my house but can't remember if was charged a fee. I think the fee charged your friend is unacceptable. How do we know if this company is not just using the fee to generate revenues?Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-59973594058898264632014-05-26T08:24:07.197-04:002014-05-26T08:24:07.197-04:00@Anonymous: Closing fees seem likely, but I don...@Anonymous: Closing fees seem likely, but I don't know how much they would be. I hadn't heard anything about HELOCs raising home insurance before, but insurance companies seem to take into account more information than they used to.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-1290893895854843942014-05-24T15:51:31.600-04:002014-05-24T15:51:31.600-04:00I'm thinking of getting a HELOC with pc financ...I'm thinking of getting a HELOC with pc financial, I have been informed of the $150 fee to open the account but have been reading there may be a fee to close and it may/may not be portable? Someone also mentioned that it raises your home insurance. I have not committed to anything yet, the interest rate is very attractive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-76619982450883154292011-03-13T22:34:37.004-04:002011-03-13T22:34:37.004-04:00The pricing being offered for the secured LOC is f...The pricing being offered for the secured LOC is fairly standard these days. Mine is at the same rate. I have heard TD may offer P + .05 and Royal Bank may offer Prime to a well qualified customer. As for the fees some institutions, as in this case, charge a nominal amount and some absorb all the costs for a secured LOC. There is a presumption that there will be no surprises. The were in this case resulting in some unexpected extra due diligence and cost on the part of the title company closing the deal. The borrowers should ascertain from pc financial where the source of this collection originated (credit bureau, sherrifs dept, etc) and attempt to have the record clarified at that source so this situation does not occur in the future.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-39220346332378410212011-03-08T19:43:22.347-05:002011-03-08T19:43:22.347-05:00@Larry: I'd like to know the same thing. PC ...@Larry: I'd like to know the same thing. PC Financial confirmed that they think the fee is legitimate, but I'm not convinced. Name collisions with deadbeats should be rare, but what stops a company that is subcontracted to check these things from reporting false positives for profit?Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-80182870879875785822011-03-08T18:40:40.562-05:002011-03-08T18:40:40.562-05:00To compare : A person recently got a HELOC. The co...To compare : A person recently got a HELOC. The cost was almost $700 and was in the form of a first mortgage with a great rate and prime +.5 for the LOC portion. The transaction was with a "Big Five" bank. The transaction fee of $233 which was mentioned in the case above is pretty reasonable but the additional monies being charged seems after the fact [a "No No in my books] ... but still a lot cheaper than $700 mentioned earlier in this post.Rickhttps://www.blogger.com/profile/02411750905752615730noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-13455024989493919182011-03-08T09:53:27.177-05:002011-03-08T09:53:27.177-05:00@Anonymous: Thanks for the information. I wonder...@Anonymous: Thanks for the information. I wonder if FNF also specializes in charging people directly instead of charging their customers for services.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-21566416095557186732011-03-08T09:47:06.947-05:002011-03-08T09:47:06.947-05:00When I opened my LOC through PC Financial, the thi...When I opened my LOC through PC Financial, the third party I dealt with was FNF Canada. Here is a blurb from their web page (http://fnf.ca/):<br /><br />"... FNF Canada is a comprehensive and innovative transaction management service provider to large and small Canadian lenders. We specialize in facilitating all aspects of mortgage transactions; including title insurance, document processing, property tax management, appraisal management services and valuations for financial institutions."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-79600146302326822752011-03-08T09:24:14.743-05:002011-03-08T09:24:14.743-05:00@Potato: I agree that shopping further only makes...@Potato: I agree that shopping further only makes sense if the $233 hasn't been paid yet.<br /><br />@Big Cajun Man: I'm not sure who does the back end for PC Financial. But this isn't necessarily the same organization that does the credit checks for PC Financial (unless you have more information than I have).Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-75756866606877797742011-03-08T07:10:44.282-05:002011-03-08T07:10:44.282-05:00So over 14 years ago I had the same done by Canada...So over 14 years ago I had the same done by Canada Trust (the trust company not the TD/CT beast of these days). They were offering a prime + 0.5 % Secured LOC, and they waved all transfer fees (but they were also quite vociferous in their statement of how much it might cost, which was over $400 back then?!?).<br /><br />PC Financial? Maybe CIBC screwing over Tim? Or is the back end now RBC? Not sure.Big Cajun Manhttp://www.canajunfinances.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-61852306339710711682011-03-08T03:16:00.181-05:002011-03-08T03:16:00.181-05:00I don't have the exact answers on this, but I ...I don't have the exact answers on this, but I am <i>first</i>!<br /><br />The fees and rate look pretty standard from what I've heard of HELOCs. Prime+1 seems to be standard these days, but if his credit is good and he negotiates hard, he may be able to shave a few bp off that rate. A few years ago you could get down to straight prime, but I doubt you'd do better than prime+.5 today, and even that may be tough (I only know one person with that rate, and that's with a lot of brokerage and other business at the bank). If the fee is already sunk, it may not be worth stopping the process to shop now.Potatohttps://www.blogger.com/profile/18157102363273750204noreply@blogger.com