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Originally Posted by I-Hate-Hulse
Nope, you can break your term mortgage with your existing mortgager and jump to a new one......at a penalty.
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You don't have to break your mtg. You can keep your mtg at your current bank and if you have sufficient equity, you can also get a HELOC.
Eg. Your home can get appraised for $250,000
You have a $100,000 mortgage with CIBC (random bank)
$250,000*0.75=$187,500
$187,500-$100,000=$87,500
Therefore you can keep your current mortgage and apply for a HELOC with ATB Financial (random bank) for $87,500 as well. CIBC has $100,000 of your home as their collateral and ATB has $87,500