As Phil pointed out, you no longer have a collateral charge mortgage. And since the term is over, the LRB product has no effect on the transfer.winjones wrote: ↑ Hi
I have a 590k mortgage CMHC insured with RMG due for renewal in May this year. The product listed on signed paperwork is RMG Low Rate Basic on variable rate. I transfered to RMG from NBC, so there is a collateral charge attached.
What is the best strategy comes May to minimize fees I would need to pay at the end should I prefer to make a switch?
Should I stay with RMG, switch to a non-collateral product which then makes it easy (no/low fees) to switch to a different institution? Not sure if possible, so just asking.
-How much is the mortgage owing? $590k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG/MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2014
-When is your renewal date? May10, 2020
Best rate is 2.49% 5-year fixed.
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative