Advice for renewing mortgage.

[Skootenbeeten]

Hello, I am just looking for some advice on how I should go about renewing my mortgage. I am with TD right now and have a few months before the date comes up. They called me and offered a 5 yr variable at 2.45% and a 1yr term at 2.99%. I have been very interested in selling so the penalties associated kinda scare me but I really don't like the idea of a 1yr term. I didn't want to distract from the other threads so I made my own. Thanks.

[Mortgage Made Easy]

Hello, I am just looking for some advice on how I should go about renewing my mortgage. I am with TD right now and have a few months before the date comes up. They called me and offered a 5 yr variable at 2.45% and a 1yr term at 2.99%. I have been very interested in selling so the penalties associated kinda scare me but I really don't like the idea of a 1yr term. I didn't want to distract from the other threads so I made my own. Thanks.

Thanks for your post Skootenbeeten.

I am assuming that TD is offering an early renewal? If so, I would probably hold off as you have nothing to lose and possibly more to gain by waiting.

We will PM you with more info regarding your options and to understand further your plans/ goals if selling is in the cards. ~Tim

[pseudoreality]

May I ask what you ended up doing? My mortgage with TD is up in May and I'm really not sure what I want to do. I anticipate moving in about 3 years. Right now I'm just going to keep my eye out for the right property. With interest rates being so low and me being towards the end of having my mortgage I'm thinking that maybe I shouldn't too worried about breaking early.

[Mortgage Made Easy]

May I ask what you ended up doing? My mortgage with TD is up in May and I'm really not sure what I want to do. I anticipate moving in about 3 years. Right now I'm just going to keep my eye out for the right property. With interest rates being so low and me being towards the end of having my mortgage I'm thinking that maybe I shouldn't too worried about breaking early.

Hi pseudoreality... PM'd

[Calgary14]

One thing to watch out for when renewing (and switching lenders) are extra fees. I just switched lenders for a lower rate and noticed a $350 "assignment fee" added in the fine print that neither the bank or mortgage broker could explain. Make sure you read the fine print as neither the lender, broker or lawyer will tell you about the extra fees added in

[Mortgage Made Easy]

One thing to watch out for when renewing (and switching lenders) are extra fees. I just switched lenders for a lower rate and noticed a $350 "assignment fee" added in the fine print that neither the bank or mortgage broker could explain. Make sure you read the fine print as neither the lender, broker or lawyer will tell you about the extra fees added in



This a a great point. This is easy to explain... unfortunately while the switch is to a new lender is at no cost! The existing lender is adding a... What I call a Thank you Fee!



Lenders will charge anywhere from $75 to $350 for discharging your mortgage from them. This can be called an admin fee, reinvestment fee, etc. In Alberta they cannot charge Discharge fees so they name it something else.

[Krovikan]

This a a great point. This is easy to explain... unfortunately while the switch is to a new lender is at no cost! The existing lender is adding a... What I call a Thank you Fee!



Lenders will charge anywhere from $75 to $350 for discharging your mortgage from them. This can be called an admin fee, reinvestment fee, etc. In Alberta they cannot charge Discharge fees so they name it something else.

Sounds like a class action just waiting to happen.