- Costs involved in changing lenders?
- How to compare penalties and terms (things other than just the rates) between the existing offer and potential new lender?
- Retired couple, any issues with obtaining financing? Excellent credit rating from what I've been told.
- Special concerns as we're not sure if we'll even be at our current location in 5 years or downsized to smaller place and impact of having to end mortgage early
- Considering rates will likely go up in the next few years - once Covid is under control - what's the thoughts on locking in now or going variable with plans to lock in when rates start to rise?
- Other things we should consider?
How much is the mortgage owing? $219k
-Roughly, what is the current market value of the property? Likely in the $900k - $950k range
-Which city is the property located in? Bowmanville ON (waterfront)
-Is the property owner-occupied or a rental? O/O
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Not sure? Homeline Plan has credit line included. New mortgage will consolidate outstanding mortgage and credit line for better rate on LOC
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? March 9, 2021
Thanks in advance for any responses.