Personal Finance

Mortgage Final Payments Questions

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  • Aug 10th, 2020 2:21 pm
[OP]
Sr. Member
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Jul 14, 2005
667 posts
143 upvotes

Mortgage Final Payments Questions

My mortgage term will be up for renewal this fall. It's estimated at renewal that I will have approx 11 months left (yay!) Since i have only 11 months am I able to do a closed mortgage for a better rate or i have to find a 6 month + open until last payment?

Also at the end of 11 months is the discharge automatic or do i have to contact the bank? I'm in BC and with RBC if it matters.

Thanks!
2 replies
Deal Addict
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Nov 18, 2007
3483 posts
542 upvotes
Valleywood
You could put the amortization to 1, 2, 3 years or whatever you want and then select a term for the best rate.

You could also pay off the mortgage at renewal and ask for the discharge.
Sr. Member
Dec 28, 2007
973 posts
496 upvotes
If you have a HELOC (or you open one) another option would be to use that to pay off the balance at renewal, then pay off the HELOC at your own pace.

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