You can get 1.74% fixed and 1.60% variableKyle12345 wrote: ↑ I have 3 years and 5 months left in my mortgage term with CIBC with about $380k balance in the mortgage at 2.64% fixed.
Would it be worth it for me to break the mortgage and renew at the lower rates now?
I’m not sure how much the penalty would be, I’m assuming it’ll be calculated using IRD? It was never previously insured. The value of the property is about $630,000. The lender is CIBC.
$9700 penalty is your break even point anything less it is worth switching
Find out from CIBC and repost
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