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canadian mortgages!
Caramel Genocide
Registered User
Registered User
Despite having had two mortgages in my life so far, I know almost nothing about them. They were handled by a mortgage broker with minimal involvement from myself - I provided pieces of paper and signatures when necessary, and that's it.
I have an appointment with my bank later this week (Scotiabank) to switch my mortgage to them - it is coming up for renewal in a few months. The mortgage is currently at CIBC. The amount left on my current mortgage is about $105k (the house value is likely around 200k these days, though when we got it, it was $135k). I'm looking at tacking an extra $12k on if possible, to pay off some line of credit/credit card debt from other banks, and do some house renos.
Theoretically they will help me find the best mortgage for me, but they also DO work for the bank - so really what I'm wondering if there's anything I need to watch out for or stay the hell away from (total equity plan - good idea or horrible? what about these two mortgages in one, where you pay a fixed rate on part and a variable rate on another part? jesus!).
I have an appointment with my bank later this week (Scotiabank) to switch my mortgage to them - it is coming up for renewal in a few months. The mortgage is currently at CIBC. The amount left on my current mortgage is about $105k (the house value is likely around 200k these days, though when we got it, it was $135k). I'm looking at tacking an extra $12k on if possible, to pay off some line of credit/credit card debt from other banks, and do some house renos.
Theoretically they will help me find the best mortgage for me, but they also DO work for the bank - so really what I'm wondering if there's anything I need to watch out for or stay the hell away from (total equity plan - good idea or horrible? what about these two mortgages in one, where you pay a fixed rate on part and a variable rate on another part? jesus!).