Yes, the 5 year fixed at 3.14% and variable at prime -1.24% (i2.46%) are still available and they would apply to your situation. As you are in a collateral charge mortgage (any mortgage with a HELOC attached to it is a collateral charge), there would be legal and appraisal fees, in addition to the discharge fee charged by BMO. Around $1,400 all together. In this case, the discharge fee and appraisal fee can be paid for you. The legal fee (approximately $800 in Ontario), would be added to your new mortgage amount.Plucky123 wrote: ↑ - original purchase price: $782,000
- original purchase date (month and year): Dec 2015
- Current property value (approx): $782,500 (MPAC) & $1,400,000
- mortgage amount needed:
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching): No
- current lender: BMO
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? Yes
- primary residence or rental property: Primary residence
- maturity date: HELOC (Nov 14, 2018), mortgage (Nov 22)
- Location: Thornhill, ON
- Family Gross Income: 200K (married)
- Payment Frequency: Bi-Weekly
- Current home mortgage balance: $407,375
- Current HELOC balance: $26,000 (if possible would like it to be combined to home mortgage)
BMO is offering for 2 year fix for 3.24%, 5 year fix for 3.54% and 5 year variable for 2.81% for 25 year amortization.
What is the best rate available for 2 year fix, 2 year variable, 5 year fix and 5 year variable?
Are following rates still available 3.14% for 5 year fix and 2.46% for 5 year variable?
Thanks!!!
After factoring in the $800 fee, you will save $6,988.61 over the 5 year term when comparing the 3.54% you are being offered from your bank with the 3.14% being offered here. I'm basing this on a 20 year amortization, but numbers will be somewhat similar regardless of your actual amortization.
*EDIT: I didn't factor in the HELOC, so the actual savings will be even greater.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)