Quote:
Originally Posted by puckedoff
I have a mortgage renewal next year. It looks like HELOC rates are basically in line with mortgage rates, my mortgage is ~60% of my home value, is there not to just not renew the mortgage, and get a HELOC for the full remaining mortgage value?
From my vantage point I would not have any pre-pay penalties, flexibility to pay interest only if I choose and would not have to deal with any future mortgage renewals.
Pros/Cons?
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Manulife One is a great product that allows you to do this. You can also set up small mortgage portions if you want as well. Gives you best of both worlds