You could be eligible for rates as low as 1.54% but need more infoAnonymousHuman wrote: ↑ Hello! Thanks in advance for answering my questions.
I'm considering breaking a 5 year fixed mortgage with 4 years left, and I've been unable to get any direct answers from my mortgage agent from CIBC.
- $385k left in mortgage balance
- bought in Dec 2019
- 5 year fixed rate of 2.7%
- my significant other and I own the property, we don't have any other debt, credit score 850+, combined salary 200k
A few questions:
- What new rate would I qualify for?
- What would be my penalty if I break it?
- Would there be additional penalty if I leave CIBC for another bank? vs. staying with CIBC?
- How much of the penalty would I need to pay upfront?
Thank you!
What is the property value
Is it cmhc insured
You can roll in up to 3k of the penalty to the new mortgage on a switch
Roll in the entire penalty to the new mortgage still be 1% less in rate (rates slightly higher on refis)
You need to ask the current lender for the penalty amount
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628