I just received an ad from my bank offering me a home equity line of credit at prime + 0.5%, a variable-rate loan.
Now, I don't need the loan. But I'm curious. Is prime + 0.5% the best I can do? My credit rating is excellent. Equifax, a Canadian credit rating agency, puts my rating well above 800. I have plenty of equity in my home, plenty of investments, and plenty of savings.
So, is prime + 0.5% the best the bank is likely to offer me? Or is this something banks allow to be negotiated? If so, is prime + 0% a reasonable lower-bound?