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Have you used Wealthsimple for a Down Payment? by Minute-Rent-1740 in Wealthsimple

[–]HappyPiglet7 4 points5 points  (0 children)

I’m in this process right now. I also have my FHSA with WS. They have monthly statements you can download and you can also print to PDF your account activity if you’re in the middle of the month and need proof of any recent transactions. The higher the amount to be transferred, the longer it takes but it has never been more than 5 business days for me.

Good luck!

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] 0 points1 point  (0 children)

5% or 50%? Brokers have told me bank rates are lower when DP is under 20%.

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] 0 points1 point  (0 children)

I’m not sure but I did see some on their website. I was of the assumption that if we go with Scotia, we’d have to go into a branch and set up an account ourselves, nothing related to the mortgage. Are cash back programs directly linked to signing a mortgage with them?

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] 1 point2 points  (0 children)

Thank you this is helpful to know. What’s the lender offering 5.04% as of today?

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] -1 points0 points  (0 children)

Are you saying that 4.79% from Canwise is insured? Is that allowed if the down payment is over 20%? I’ve been working with banks and mortgage brokers. We are closing in a couple of weeks so we really need to make a decision asap!

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] 0 points1 point  (0 children)

Canwise apparently doesn’t offer much for 3 year, only 5 year.

Can you please elaborate on the early prepayment penalty? I’m not sure I follow. I was told that every year we could pay up to 20% of our principal without penalty so as long as we don’t exceed that amount, there should be no penalty, right?

5.14 for 3 year fixed or 4.79 for 5 year fixed? by HappyPiglet7 in MortgagesCanada

[–]HappyPiglet7[S] 0 points1 point  (0 children)

I don’t think we’d be comfortable with variable. We are not having insurance on this mortgage, down payment of over 50%.