I mis-understood the rate. I thought it was for equity greater than 35%.
This brings me another general quick question: when our amortization reaches less than 5 years, is it still possible to renew for a 5 year (variable) term? Let's say I have 4 years left the next time I renew, can I still look at a 5 year variable term (which would end after 4 years)? Typically, the 3 years variable are really not as competitive.
PaulMeredith wrote: ↑Feb 12th, 2018 9:41 amYou're right, it wouldn't be possible, but not harm in asking for sure! The prime -1.24% variable rate is for high ratio mortgages only, that is, those that are insured with CMHC (or other mortgage insurer). Even if your original mortgage was insured, you would need to proceed as a refinance, which means the rate you would be offered would be quite bit higher than what you are paying right now. You would also lose your insured status.
Prime -0.85% is still a pretty decent rate!