pmca5553 wrote: ↑I'm considering switching my mortgage as well. Requesting some assistance with rates available and if it's worth refinancing (given the insane penalty). My current mortgage details are:
- How much is the mortgage owing? $377,000
- Roughly, what is the current market value of the property? $600,000
- Which city is the property located in? Paris (Brant County)
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? Alterna Savings
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? February 21, 2019
-When is your renewal date? February 21, 2024
- Current rate: 3.54%
- Cancellation penalty: approx. $12k according to their penalty calculator (need to confirm)
Cheers!
There’s definitely a lot of savings there for you if you switch. You can get 1.84% five year fixed or 1.65% five year variable with costs to switch covered.