Yes, there would definitely be a penalty involved if you wanted to switch out early, and its unlikely you would be able to make that up with only one year to go. I would suggest contacting CIBC to find out what your penalty will be to break the mortgage and then re-post. We can always do the math for you, but I would expect us to tell you to stay put for now.alucky17 wrote: ↑ Wondering if its worth renewing my mortgage because of the lower rates out there. Currently on the 3rd year of a 4 yr fixed mortgage with CIBC @ 2.99%.
Would there be penalties involved?
Details:
-How much is the mortgage owing? $710K
-Roughly, what is the current market value of the property? $950K
-Which city is the property located in? Stouffville, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? May 14, 2022
When in 2016 did you purchase the property?
Just wondering also, how did you come up with the $950,000 valuation?
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)