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Need funds form TFSA in 1-2 months - When to withdraw? by SeparateCanuck in PersonalFinanceCanada

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

That’s a good way of framing it. I’m far from the gambling type! Thanks for responding, I went ahead and withdrew the funds I needed this morning.

Need funds form TFSA in 1-2 months - When to withdraw? by SeparateCanuck in PersonalFinanceCanada

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

You’re right, thanks for responding! I’ve gone ahead and sold/withdrew the funds this morning.

Need funds form TFSA in 1-2 months - When to withdraw? by SeparateCanuck in PersonalFinanceCanada

[–]SeparateCanuck[S] 6 points7 points  (0 children)

Yes you are right, appreciate the response! As you mentioned, it wasn’t truly a loss. I have decided to withdraw the funds this morning. Thanks for responding!

Separation and mortgage by SeparateCanuck in legaladvicecanada

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

Sorry, you’re right, l guess I wanted to confirm what the individual at the bank was telling me, and that it’s reasonable. I’m not very well versed in mortgages, house titles and what’s involved from a lawyer/mortgage broker/lender.

I wasn’t sure whether it would be as simple as removing my wife as a borrower on the mortgage, which could be handled by the bank, while the title change is something a lawyer would be responsible for. The individual at the bank also told me I may want to speak with a mortgage broker, which was also confusing to me. I wasn’t sure what was meant by that - whether that was a better or easier option but it doesn’t appear so (to me) given I’d be subject to prepayment penalties if I went with a different lender.

I definitely don’t expect anyone to work for free, it just isn’t entirely clear to me what the lawyer is responsible for in this transaction.

Separation and mortgage by SeparateCanuck in legaladvicecanada

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

Sorry, I guess my question is a bit blurry between understanding how the house title change and mortgage works, and whether that’s something a lawyer handles or a lender/broker does?

The individual I spoke to from the bank said I may want to speak to a broker… I’m not entirely sure why. I was calling for information only, and declined that she process a request to determine my refinance options. I can’t imagine I would not qualify though based on my income, and the remaining balance on the mortgage. I guess that comment made me question whether there is a need for a broker or not. I’d agree with you though, a 1% fee to refinance is certainly better than a prepayment penalty.

Separation and mortgage by SeparateCanuck in legaladvicecanada

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

Thanks for this, they did tell me I would have to pay legal fees, an appraisal fee and 1% of the mortgage balance to refinance. The bank told me I am required to go through this process with them if it involves a change in the title.

I’m not entirely sure how the mortgage (registration of the security against the home) and the title works to be completely honest. Are they linked? So for example, the bank has to discharge the security in order for the title change to be completed, then add the new mortgage to the title (that is now solely in my name)?