Is there any reason they wouldn't qualify on the A side rather than renewing with a B rate?Lacoste17 wrote: ↑ -How much is the mortgage owing? $180,000 approx
-Roughly, what is the current market value of the property? $700,000 range
-Which city is the property located in? Oshawa, ON
-Is the property owner-occupied or a rental? Owner occupied.
-Who is your current lender? Home Trust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Not sure. Don't think so
-When did you buy the property? September 2003
-When is your renewal date? Dec 1, 2019
Home Trust sent the renewal papers stating 3.99% 1-yr fixed. The last few years my parents have been doing 1-yr fixed rates. I wonder if it would be better to go 5-yr variable route instead. However, my parents may sell this year, so I am not sure if its best to stick with 1-yr fixed. Want to try and save them some money. Thanks for the help!
You can get variable rates in the 2.75% range
Mortgage Outlet Inc Broker License #12628