Quote:
Originally Posted by Reggie28
I have a rental property and I should increase the mortgage amount by 200k. There is about 18 months left on the term with a rate of prime -0.99%. Because it is a variable rate, is it as simple as adding the 200k to the principle and keeping the terms the same or will I have to break the existing deal and come to new terms with the bank?
Girlfriend is in the same boat with a different property, but she is on a fixed rate that is very good. I imagine in her case the bank will offer a blended fixed rate on a new term.
Anyone deal with this type of situation before?
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That would be a refinance. You would need to negotiate new terms and refinance rates are typically a bit higher than with normal mortgages.