Quote:
Originally Posted by GP_Matt
Most banks will let you "blend and extend" if you want to renew your mortgage early and it shouldn't carry a penalty. Essentially they figure out a new rate that is lower than your current rate but not as low as the rates currently offered and then set it as a new 5 year term. Negotiating this rate would be a pain though because of the math involved.
They do it if you have a few years on your mortgage but want to take advantage of lower rates so I am sure they would allow you to roll the HELOC in at the same time.
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The mortgage is with an institution that no longer writes new business in Canada, so I'd have to get a new mortgage from someone else for more $, and pay them the penalty.