Posted on: 15-05-08 18:00:31
My mortgage is coming up for renewal. My house is paid off I would say more than 75% of its value. I had a fixed mortgage at 4.85% for 5 years.
What are my best options available for renewal! Kindly advise. Thank you.
Quote:
Originally posted by medhora
My mortgage is coming up for renewal. My house is paid off I would say more than 75% of its value. I had a fixed mortgage at 4.85% for 5 years.
What are my best options available for renewal! Kindly advise. Thank you.
First of all congratulations on paying of 75% of your mortgage in 5 years. That's an achievement in it self.
You have not mentioned the amount remaining and the bank you are with presently, but variable rate could be a good option.
However, if you are in a high tax bracket, you can leverage the equity in your home to increase your net worth by employing Smith Manoeuvre or by buying rental property etc.
You should talk to your financial advisor who would be in a better position to explain the options available to you.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
