Quote:
Originally Posted by Liquid_o2
Anyone know what approximate fixed rates are right now for renewals? My mortgage broker is trying to get me into a 2.79% 5-year fixed with First National. Need flexibility as we will likely need to break or transfer our mortgage to a new property in the next few years.
The deal doesn't seem that attractive, especially to break my current mortgage with TD (more than six months out, but less than a year, so we would have to pay 3 months interest).
Am I getting a raw deal?
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2.79% sounds about right for a fixed right now. What's the penalty? Most fixed mortgages are BRUTAL to break. With variable available for as low as 1.1% and penalties being easy for variable I'd go variable 100% if I knew I was going to break my mortgage during the term.
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