Hot Renewal Special – 3.19% 5yr Fixed + $1000 + Available HELOC
Here are the Details:
Your renewal is coming up, and your bank is offering you a terrible rate. The good news is there are other cheaper options available. This is the best deal I’ve seen come across my desk in a while.
3.19% 5yr Fixed Rate OR P-0.9% (2.55%)
+ $1000 Incentive to be held in a TFSA/RRSP for a minimum of 1yr
+ Available HELOC (if desired)
Borrower must agree to the following:
1) open a Free Chequing Account at the lending bank and move your payroll deposit to this account
2) contribute a minimum $50/month to the bank’s RRSP/TFSA product of your choosing
How do I know if I qualify for this deal:
1) Property must be owner occupied
2) Original Purchase Price must be under $1M. Current value can be over $1M
3) You must income qualify at the benchmark rate (Stress Test) at the lesser of your current amortization OR 25 years.
4) No new funds added to mortgage.
5) Your renewal date must be within 90 days or sooner.
1) Legal fees will be required for transfer. Plan for approximately $700. This is normally offset by a much larger savings in interest.
2) Changing your regular banking over to a new institution is a pain in the butt. If it saves you thousands of dollars, it may be worth it.
3) If your renewal date is closer than 30 days away, you may have to renew your current mortgage into an open term (at higher rates) for a short period of time while the new mortgage is drawn up.
How do I get Started?:
Fill out the 2 minute application below: