Personal Finance Canada

It’s time to talk about investments, no matter how diverse they may be. Whether it’s in stocks, cryptocurrencies, ventures, let’s discuss them! Ask questions, discuss the markets, or compare your portfolios.

Anybody have experience using BMO mortgage cash account? This is where you can pre-pay down the principle and then supposedly withdraw those funds when needed. I’ve been frustrated by the terms and conditions on my daily HISA so thinking this could be a way to get the equivalent of 5.15% (my current mortgage rate) for money that I don’t need to touch frequently. Seems like I can’t do better than this even in a HISA ETF.

My concerns are: am I thinking about this the right way? (Paying down principle on mortgage is equivalent to earning that percentage in a regular bank account?). Does this BMO mortgage feature really work like this? It wasn’t advertised to me, I had to dig into it.

We chat about real estate, mortgages, and everything related.

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Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

Finance is a combination of luck, good/bad decisions, and a little bit of chance!

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Come talk about your job, your salary, and everything related to it.

It’s time to talk about investments, no matter how diverse they may be. Whether it’s in stocks, cryptocurrencies, ventures, let’s discuss them! Ask questions, discuss the markets, or compare your portfolios.

We chat about real estate, mortgages, and everything related.

It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

Hi,

Wondering if anyone has recommendations on lenders offering HELOC that don't require your mortgage to be with them. I've checked a few credit unions but it's a slow process since none seen to want to offer the information up front

Thanks

Edit: if anyone stumbles across this in the future and is in the same boat, I'd recommend Simplii Financial. They were the only one I found that would be second signer with a somewhat obscure lender holding the primary mortgage. Very quick and painless, all over the phone/online aside from the legal part, in which the lawyer came right to my house.

Finance is a combination of luck, good/bad decisions, and a little bit of chance!

Let’s talk about your ups and downs! What successes did you have this week? Who messed up?

Come talk about your job, your salary, and everything related to it.

It’s time to talk about investments, no matter how diverse they may be. Whether it’s in stocks, cryptocurrencies, ventures, let’s discuss them! Ask questions, discuss the markets, or compare your portfolios.

It’s time to talk about investments, no matter how diverse they may be. Whether it’s in stocks, cryptocurrencies, ventures, let’s discuss them! Ask questions, discuss the markets, or compare your portfolios.

We chat about real estate, mortgages, and everything related.

It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

Hello Canadian Finance Enthusiasts

Thinking of switching from big banks (TD mostly) to a credit union.

Would appreciate advice, reviews, or experience from y'all to compliment my own investigations.

My priorities in order:

• interest rates on loans
• cohesive personal and small business service
• low account and investment fees
• credit card rewards (love my TD travel rewards visas rn)

Finance is a combination of luck, good/bad decisions, and a little bit of chance!

Let’s talk about your ups and downs! What successes did you have this week? Who messed up?

Come talk about your job, your salary, and everything related to it.

It’s time to talk about investments, no matter how diverse they may be. Whether it’s in stocks, cryptocurrencies, ventures, let’s discuss them! Ask questions, discuss the markets, or compare your portfolios.

We chat about real estate, mortgages, and everything related.

It’s Monday, the start of a new week.

Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.

I know not everyone has the luxury of saving at all, but those who do, do you have a "goal" or target savings per-month?

If yes could you explain what it is and your rationale?

I'm trying to put together a google sheets reference chart for mortgage payments but I'm having a hard time figuring out the cmhc portion.

The basics of the chart is having a row for the price (200k-900k, incrementing 25k per row), down payment amount by %(set as a global in a field above), the cmhc insurance amount (price amount - down payment * CNBC rate based on down payment %; is this right?), monthly payment amount (using the PMT function on sheets, this is close but not matching to other calculators). My input for the PMT is the interest %/12, the lifetime (300 monthly period, 25 years), the total amount of the mortgage (price - down payment + CNBC insurance). This is mostly working but is still off by 10s-100s on the monthly payment. Is there something like graduated % in calculating the cmhc amount that I'm missing?