Bump in case this was missed yesterday....
hank755 wrote: ↑ I currently have a mortgage from Tangerine Bank on my principal residence. I'm looking at refinacing to get a better rate and also to increase my available HELOC.
Here are the details of my residence:
-How much is the mortgage owing? $289K
-Current rate? 3.09
-When is your renewal date? Oct 2022
-Roughly, what is the current market value of the property? $1.3M
-Which city is the property located in? Richmond Hill
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Tangerine Bank
-Do you have a HELOC tied to the mortgage? Yes, total HELOC available is $150K of which currently $76K has been taken out which was used as partial downlpayment for a rental property.
-Current HELOC rate - 3.85%
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2015
According to the Tangerine Rep, it will cost me $3500 to break my mortgage.
Here are some details about my rental property (not sure if it matters):
-How much is the mortgage owing? $400K
-Current rate? 3.04
-When is your renewal date? July 2023
-Roughly, what is the current market value of the property? $500K
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2019
-Current Rental Income - $2100/mth
Wife and I have higher than average income and great credit.
Does it make sense to break my Tangerine mortgage? I see rates being offered around 2.5%. Not sure if they apply to my situation but doesnt hurt to ask. Also, what is involved in "porting" my HELOC amount of $76K?
Thanks!