Even though I follow this thread near daily,I somehow missed this. The info I have learned I'm here is invaluable...its amazing how complicated this can all be. No wonder the general population is so lost...I still am after following this thread for years.PaulMeredith wrote: ↑May 16th, 2017 8:06 pmIf it's a high ratio collateral mortgage, it can be transferred without any fees to you, and you will get lower rates than what you would get if it were just a straight refinance, just not as low as what you would get if you were not in a collateral charge. Lowest 5 year fixed would be 2.49%. Lowest variable would be 1.90% (prime -0.80%). Also, the new mortgage would NOT be a collateral charge.
Anyway, as I've posted, I'm up for renewal in Sept 2017, so I'm almost able to start searching for rates. I was originally an insured mortgage with 5% down, back in 2008. Refinanced in 2012, but sneakily got put in a collateral mortgage. I assumed I'd have fees to get out this September, but because I was originally insured, this means less fees?? I think that's what I'm reading, so this is great news.
Anyway, as I've said, I'll PM ppl in about a month to represent me.