Based on the info provided, 5 year fixed rate of 3.34% or 5 year variable at prime -1.15% (2.80%). If there was just a bit more equity in the property (35%), then you would be eligible for 3.24% 5 year fixed. Variable would not change. Lowest 3 year fixed is 3.44% either way. Shorter terms are generally higher than 5 year terms.ntj wrote: ↑ Hi Brokers -- looking for some guidance on rates:
Primary residence for renewal. Currently with Scotiabank.
Type: Single-family dwelling
City: North Bay, ON
Term: Fixed or variable (3yrs or 4yrs or 5yrs)
Mortgage amount: 200k
Home Value: ~300k
I've been offered an early renewal of 3.49% for 5-year fixed and 3.41% 5-year variable. Shorter terms were higher rates.
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)