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Mortgage Renewal Advice

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  • Mortgage Renewal Advice

    Hi All,

    I've got the renewal notice in my online banking that my mortgage is 120 days away from renewal and RBC wants to early renewal. What's the advantage here? My variable interest rate is very high at 2.15% percent with 2.95% on the HELOC. Should I shop around? I like everything all in one place. Maybe that's why the interest rate is higher than it should be.

  • #2
    I would also want to hear an advice about this


    • #3
      If you are not offered a mortgage renewal, you would have to either pay off the entire mortgage principal in cash, sell your home to pay it off, or refinance with another mortgage lender. In my opinion, refinancing with another mortgage lender is a better option. Paying the mortgage can give you some privileges that you can't expect. For example, do you know about the reverse mortgage? The company goodlifehomeloans.com can help you get one, so you will be able to get some money for reconditioning your house during retirement.


      • #4
        I would take some time and think about it. I would choose to shop around


        • #5
          So, what did you choose in this case?
          Last edited by ainesbaptist; 08-01-2022, 12:12 AM.


          • #6
            What do you think about refinancing a loan in a local credit union? They offered it to me right after I made a deal with the car dealer.
            The credit union offers me a lower interest rate, and I am interested in how safe this transition would be. I did some research at https://www.youngandthrifty.ca/, and it seems that it can work. But it also looks like it is a “too easy” way, and there should be some pitfalls in this way too.
            I will probably do that just to see what happens, but that would be cool to see some advice from you too. What do you think about a deal like this?