STEP has auto limit increase for line of credit component.
hmm when I asked for something like this it wasn't offered, but I'll check again
Out of curiosity, how does this flexibility help with the Smith Maneuver? Or are you just saying that you like the overall flexibility in addition to what you get out of SM?
flexline is TD, this one is scotia's STEP.AnotherDesiredUsername wrote: ↑ This is interesting. The whole point of a re-advanceable mortage is that the HELOC room gets increased automatically. Are you sure you're on their Flexline product and not their standard mortgage?
you can flip from a LOC to a mortgage, which is a lower interest rate, and vice versa when your mortgage term is up. You know, you can use a mortgage the same way you can a LOC to accomplish the same thing...AnotherDesiredUsername wrote: ↑ Out of curiosity, how does this flexibility help with the Smith Maneuver? Or are you just saying that you like the overall flexibility in addition to what you get out of SM?
Helps for bookeeping. You can have separate mortgage components or LOC components dedicated to investing vs personal use. It's easier to track how much borrowing interest is deductible.AnotherDesiredUsername wrote: ↑ Out of curiosity, how does this flexibility help with the Smith Maneuver? Or are you just saying that you like the overall flexibility in addition to what you get out of SM?
Do you bank with CIBC? That is, how does CIBC treat their HELOC? Just like any other account where you can link it externally and just do an EFT? Or do you have to first create a savings account and transfer the funds to that account in order to withdraw the funs externally?jeeva86 wrote: ↑ I researched this a lot earlier this year when I started SM. This info is so hard to find! I wanted one that doesn’t charge you a monthly fee so NBC was out. Then I looked at best rates. I also wanted the flexibility of having multiple LOCs to separate personal spending vs investments. This is where things get tricky. It’s so hard to know who supports this. STEP for sure but beyond that I don’t know. Maybe manulife but they also have a monthly fee I believe. In the end I went with cibc(they don’t allow multiple loc) because they had a promo for the mortgage rates. If they didn’t have the promo I may have been still digging around trying to find the right bank haha. I figured I’ll start something now and then learn by renewal time to see if switching somewhere else makes sense. Good luck!
I'm not with CIBC, but I think it functions as a chequing account. There is a thread on this here:AnotherDesiredUsername wrote: ↑ Do you bank with CIBC? That is, how does CIBC treat their HELOC? Just like any other account where you can link it externally and just do an EFT? Or do you have to first create a savings account and transfer the funds to that account in order to withdraw the funs externally?
Correct, it’s just like TD’s, functions as a chequing account to the external world. I have it linked from tangerine to pull money from the heloc, which then get sent over to ws. I can’t link ws to the heloc because I have to login to cibc to do the linking and it will only list chequing accounts.AnotherDesiredUsername wrote: ↑ Do you bank with CIBC? That is, how does CIBC treat their HELOC? Just like any other account where you can link it externally and just do an EFT? Or do you have to first create a savings account and transfer the funds to that account in order to withdraw the funs externally?
I don't actually understand the crux of the problem here. Are you saying that WS doesn't list the HELOC when you login with your CIBC credentials via the Add Funds option? There's an option to add with transit/account number if the account is not listed, does that not work either?
Oh didn’t know abt the manual linking option at ws. That should work! I’ll have to revisit that to reduce the delays.AnotherDesiredUsername wrote: ↑ Hey thanks so much. This is super helpful. But with regard to this...
I don't actually understand the crux of the problem here. Are you saying that WS doesn't list the HELOC when you login with your CIBC credentials? There's an option to add with transit/account number if the account is not listed, does that not work either?
Also, how exactly did you add it to Tangerine? Does Tangerine's external accounts option let you add it to transfer via chequing/savings account?
If you're going to try to add it, it would be awesome to see an update! I'm actually really curious.
Yep I set it up just now. Will need to wait a few days to get it confirmed.AnotherDesiredUsername wrote: ↑ If you're going to try to add it, it would be awesome to see an update! I'm actually really curious.
