Hi all, I am about to renew my mortgage with the current term coming to an end soon.
First time going through a renewal here, and have a couple of quick questions:
Let's say my current term is at 2% with the maturity date of March 15, and the new one at 5% (same lender).
I believe mortgage payments are made in arrears (i.e. paying for March 1st-31st on April 1st) , as opposed to payments in advance like rents.
Will my next bill (April 1st) be prorated? (i.e. 2% for Mar 1-15, and 5% for Mar 16-31)
OR, will I be charged the new rate/amount for all of March regardless?
I thought it would be prorated, but based on what I am seeing on my accounts page, it seems like the new rate is b
I’ve been trying to decide between the two for a while but haven’t been able to make up my mind yet and it’s due for renewal soon…some inputs would be appreciated!
Situation:
Currently with Scotia, due for renewal soon (in about ten days).
I might leave the country and sell the property in 2-3 years (will probably leave by end of the year, but thinking of renting it out for the first 1-2 years) - so looking for some flexibility here, being able to break earlier with lower penalty.
Current principal balance is ~180k, so I understand my monthly payment won’t change drastically compared to most other cases
I’ve been trying to decide between the two for a while but haven’t been able to make up my mind yet and it’s due for renewal soon…some inputs would be appreciated!
Situation:
- Currently with Scotia, due for renewal soon (in about ten days).
- I might leave the country and sell the property in 2-3 years (will probably leave by end of the year, but thinking of renting it out for the first 1-2 years) - so looking for some flexibility here, being able to break earlier with lower penalty.
- Current principal balance is ~180k, so I understand my monthly payment won’t change drastically compared to most other cases
Give my situation, I thought 3-year fixed or 5-year variable made the
