Quote:
Originally Posted by Liquid_o2
Wondering if you guys can provide some advice.
Our condo is up for mortgage renewal in November of this year. Coming to the point where we can break the mortgage with limited penalty.
We are hoping to find something bigger in the next year or two (if we can actually find anything in our price range of course). Should we be locking in a fixed rate for another 5 years with a clause that we can transfer the mortgage and rate over to a new property? Or should we be going variable as it provides more flexibility if we move?
I'll be talking to my mortgage broker soon, but I want to be better informed.
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Really depends on the bank and what flexibility they are willing to work with. I recently got a variable mortgage on my condo and I talked to HSBC, CIBC & TD. They were all 3 months penalty if breaking the mortgage; however, if I get another mortgage of the same amount or higher within a certain time period, there won't be penalty. I recall HSBC & CIBC being 3 months, TD being 12 months (which is why I went with TD).