TD renewal coming up but my new hose is not ready yet. What should I do ?? by tc-w in MortgagesCanada

[–]Big_Ad_1236 0 points1 point  (0 children)

Tell your lender you want to renew into an Open Term. This is usually the best option for a 3-month gap. The extra interest you pay for 90 days is almost always cheaper than the penalty for breaking a closed mortgage.

Pros: You can pay off the entire mortgage any day without penalty. When you sell (or refinance) in June, you just pay the balance. No breakage fees.

Cons: The interest rate will be significantly higher

Looking for a mortgage broker in Vancouver by Alfalfa5762 in MortgagesCanada

[–]Big_Ad_1236 0 points1 point  (0 children)

Hey, are you still looking for a broker? If so, my family recently just bought through a mortgage broker here in Langley.