* Initial mortgage more than 20% down (not insured) with London Life, non collateral.
* Later transferred/switched to TD, now TD term is coming up. Remaining balance $440,000.
Question hoping someone can help:
1. Would my current TD mortgage be collateral or non-collateral? I have heard different stories, some say because it's TD therefore it's collateral, some say even though TD normally does collateral but since it was switched from a non-collateral therefore the same non-collateral is retained. Which is true? I called TD and TD is (or pretends to be) clueless about this.
2. I want to take the renewal opportunity to get some equity out of the house. In other words, I want to have the new lendor pay me more than my current balance of $440,000, I "pocket" the difference and in turn I will borrow more against the house value. Is this what they called "refinance"? If house is currently worth 1M, does that mean the max I can re-borrow is $800,000 and hence "pocket" $360,000? (I'm not interested in an ongoing credit facility like a HELOC, just a one time cash out.)
3. What is the best rate given my situation (assuming I have satisfying income and credit score)? I generally prefer a shorter term (1/2 years rather than 3/5 years). And in this rising rate environment I'm generally more comfortable with a fixed rate (than variable).
Any PM is welcome as well. Thank you very much.