Looking for any advice on whether is advantageous to break my current mortgage to get a better rate...
-How much is the mortgage owing? 140451
-Roughly, what is the current market value of the property? 600-700k.
-Which city is the property located in? Peterborough, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2010
-When is your renewal date? 15 July 2022
-Current rate: 2.59% (fixed 5 yr term)
-Break fee: $1184 according to RateHub calculator
I inquired with my broker a couple months ago when the pandemic started, and he said it wasn't worth it. Just wanted to see if anything has changed since rates have actually started to come down now...