I'm shopping around for rates to buy back the matrimonial home. What interest rates are people seeing these days? Best I have seen is 2.5% 5 yr variable closed.
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I put mine on a line of credit when I bought my ex out.
More flexible.
I could never pay the mortgage off BUT I guessed the house would appreciate quickly. Which thankfully, it did, (GTA). The increase in the house, allowed me to gain back a large portion of the money I lost. Hope this helps.
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I converted my mortgage to a home equity line of credit and got a very good rate - 2.3% three-year fixed. However HELOCs are only a good idea if you are VERY financially disciplined and can resist the temptation to use the growing equity in your HELOC for consumer spending. If you do that, the line of credit never gets paid off and you never build equity in your house. A "straight" mortgage is safer because it's not as easy to just keep adding more debt to it. So your mileage may vary.
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my wife works for a bank, and a mortgage broker was able to do better on a 5 year variable than her staff rate. We're at prime -0.95 on a 5 year variable.
I actually think that manulife one is a great product - however they don't haggle on the rate which prices them higher than other products out there.
If you google Million Dollar Journey he did some good reviews and comparisions of various financial products out there. It used to be a good site.
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I had a mortgage broker for mine and it was significantly cheaper than my bank and less hoops to jump through. My partner eschewed the broker route and was shocked at my deal.
You might want to check all the rates and speak to a mortgage broker and then figure out what might work best. Interest rates are low right now so it would be best to lock in fast!
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Don't forget to watch for restrictions on the better rates, like higher penalties, sale clauses, etc. -you'll want to know if the product has all the bells and whistles or if it has been stripped out.
Have you checked with your current lender as to their penalties on a payout prior to end of term?Start a discussion, not a fire. Post with kindness.
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