Hi there,Daytonahemi wrote: ↑ What are the current refinancing rates available? Currently have 359k $ left to go and 20 yrs remaining
Any brokers on here deal in the Edmonton area?
Are you looking to refinance, or switch at maturity? The rates are drastically different depending on the transaction type. A refinance is when you're looking to increase the mortgage balance to access equity (for investment, debt consolidation, renovations, etc) or if you need to extend the amortization to reduce you monthly payments.
A switch/transfer is when you're simply transferring the mortgage balance to a new lender at maturity (or not at maturity) dollar for dollar, keeping the amortization the same or reducing it, to take advantage of lower rate offerings.
The rates vary greatly between the two transactions as refinances are no longer considered insurable by mortgage default insurers, whereas switch/transfers are. Insurable mortgages are eligible for much better rates than uninsurable mortgages.
The best refinance rates would be around 3.29%-3.39% 5 years fixed, and prime minus 0.70% variable, whereas the best switch transfer rates could be under 3% 5 years fixed, and prime minus 1.24% variable, depending on the specifics of your mortgage and qualifying.
Rates for switches are dependant on a number of variables. In order to know what rates would be available for a switch, we would need to know the following at a minimum:
- Current approximate property value
- property type
- maturity date
- is the mortgage currenty insured or uninsured (did you originally have more, less, or exactly 20% down when you purchased?)
- current mortgage lender and type of charge
- some income qualifying info
Any of the regular posting brokers/agents on this forum should be able to assist you as most brokerages are licensed nationwide!
Best,
Connor
Last edited by GreenMortgages on Feb 14th, 2018 2:09 pm, edited 1 time in total.
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Connor Green
Mortgage Awards of Excellence Winner
Concierge Mortgage Group
#12179
Connor Green
Mortgage Awards of Excellence Winner
Concierge Mortgage Group
#12179