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.rateconnect wrote: ↑ Best rate would be 2.54% on a 5 yr fixed - if you increase your amortization then it becomes a refi and is subject to higher rates
What is the remaining amortization at renewal
You also mentioned multiple rentals can you let me know how many total properties including owner occupied.
It may limit options depending on the answer to above
3 rentals, plus 1 owner occupied. Thanks!!