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dmehus wrote: ↑ Wow, this is a nice surprise! If I'm understanding you correctly, you have about $96,000 in your BMO mortgage property tax account, from overpaying your property taxes for years, and you want to withdraw the surplus and, ostensibly, adjust the amount you're setting aside with each mortgage payment to account for your property tax owing.
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Little backstory, buying a house with an in-law suite for mother in law, mortgage is being split between her and ourselves. She's been using Manulife for a while now and is adamant the product is best suited for us as it's a great tool to track what we pay back into the house (tracking with the different sub-accounts). She doesn't want to get locked into a fixed period/rate.
Banks make more profit off fixed mortgages and a fixed mortgage will give you peace of mind. Variable will save you money in the long run but sudden interest rate hikes may cause you stress as I am sure many of us holding these mortgages in 2023 can vouch for.
Through my mortgage broker I am happy I got 5 years closed variable at Prime minus .90 (but their APR is 5.062) so even better than that! The only place I found better was Dundee at Prime minus .95 but my broker doesn't deal with them.
Mortgage Calculator. Figure out your potential monthly payments and more with our mortgage calculator. Mortgage Rate Finder. Find the best mortgage rates and see what’s available on the market now. Other Tools
SafranL16127 wrote: ↑ HI, I had posted a few weeks back. Finally got in touch with Bmo. Currently on a 3 yr fixed. 6.70%, with an original mortgage of 500k, Sep 2026 renewal. $6500 to break the mortgage on a rental.
Moving your mortgage to variable adds more exposure to rate changes, so consider your risk tolerance and whether you’re comfortable with potential increases in your total monthly payments. - Fixed rates: If rates are projected to stay high or rise further, a short-term fixed rate (e.g., 1-3 years) might be a safer bet.
We are getting close to paying off our mortgage and this will be our final renewal before we're fully paid off. The mortgage is on my primary residence, and is with one of the Big-5 banks on a "readvancable mortgage" product (use the HELOC for investing). I plan to continue to have a HELOC balance after the mortgage has been fully paid off.
You cannot refinance the mortgage until you have atleast 20% in equity available. The maximum you can refinance upto is 80% of your home value, so you’d have to have over 20% equity built up to be able to do so. The only exception is if you are building a secondary suite, in which case you can refinance upto 90% of your home value. This would be an insured refinance through CMHC.
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