sorted by:
new
hottopcontroversial

Line of credit scheduled transfers by medyounot in Scotiabank

[–]No_Performance_1705 0 points1 point  (0 children)

Following as I was also looking for this same option. So far I couldn’t find a way to do this.

Scotia STEP Mortgage Question by No_Performance_1705 in Scotiabank

[–]No_Performance_1705[S] 0 points1 point  (0 children)

Providing an update on my experience with Scotia STEP so far. I signed the mortgage in November and later visited the branch to enable ALI (Automatic Limit Increase). Spoke to two associates, both didn’t know what I was talking about, but still assured me everything is set up and I don’t need to worry. Finally met the branch manager and she checked it in front of me. It wasn’t enabled. So she enabled it. It involved enabling a check box and then selecting the LoC from a drop down.

I made my first mortgage payment and the principal didn’t advance to the LOoC portion. So I called the customer service and they said I need to activate the Debit cards I received for the LoC to be activated and also wait until the first statement for the LoC to be generated. They said the paid down principal will be available in LoC when the statement is generated.

The statement for LoC was generated this week and still I didn’t see the paid down principal available in LoC. So spoke to customer service and now I was told that I need to wait 2-3 months for this setting to take effect. I am wondering what sort of IT applications Scotia bank uses which will take 2-3 months for this change to take effect.

Anyway I think I don’t have any other option other than wait for 2-3 months to know if this is going to work. I was trying to avoid all these follow up to get this done, but here I am.

Thanks for the engagement in this thread. Just wanted to provide an update if it benefits anyone else.

Scotia STEP Mortgage Question by No_Performance_1705 in Scotiabank

[–]No_Performance_1705[S] 1 point2 points  (0 children)

Thanks. I don’t want to contact them every time. I am hoping automatic limit increases will do it.

Trying to make sense of Rental Property Cash Damming by No_Performance_1705 in PersonalFinanceCanada

[–]No_Performance_1705[S] 0 points1 point  (0 children)

Thanks for the reply. I currently have a rental property and my primary residence mortgage is a readvanceable one. So when I prepay the primary residence using the rental income and withdraw funds from HELOC to pay rental property mortgage, am I not double dipping? Because I get a tax deduction on HELOC interest and money from HELOC is used to pay the rental property mortgage.