If you increase the amortization to 30 years, it will be refinance and you will have to pay extra fees.Acheewawa wrote: ↑ Acheewawa wrote: ↑
I'm looking to renew either into a 2 year or 5 year term or whatever gives me the best rate.
-How much is the mortgage owing? It will be approx $215,000
-Roughly, what is the current market value of the property? $340,000
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2018
-When is your renewal date? June 2020
We also have great credit and multiple rentals and prefer 30 year AM.
I currently have a 30 year AM, but it was a 2-year term ending in June. I'd like to renew it into a 30 year AM if there aren't additional fees, or at the very least, a 28 year AM.
3 rentals, plus 1 owner occupied. Thanks!!
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative