New Mortgage Advice

[SukSingh]

OK, so heres the situation.....

I just bought a house for $480,000, i currently own a house which sell for $300,000. I have $13,000 left on the mortgage on that house with a Prime minus 0.8 variable open mortgage.

What should i do about the new house? will the bank allow me to transfer the mortgage across at the same rate?

[randomthoughts]

It varies depending on your lender. Likely, you can transfer the 18k, but you may have to get a second one at whatever the current rate is (or blended with it).

[SukSingh]

i will talk to them on monday....i was hoping they could allow me to take the extra 140K odd out at the current rate.

[sslinn]

In a word, no. If you want a variable you will likely get it at Prime-.1, or slightly under due to them blending the $13K you have on your old mortgage.

If you do not get P-.1 talk to another bank or a broker. You should get that rate with very little negotiating.

[John75]

OK, so heres the situation.....

I just bought a house for $480,000, i currently own a house which sell for $300,000. I have $13,000 left on the mortgage on that house with a Prime minus 0.8 variable open mortgage.

What should i do about the new house? will the bank allow me to transfer the mortgage across at the same rate?

I may be able to help. How much is left on your term and what lender is the mortgage with.

[SukSingh]

John....the term of the current Prime minus 0.8 is till middle 2011.

Its a cibc variable open rate mortgage. pm me or post on here how you can help.

[sslinn]

John, please post on here as I am sure everyone would want to know how you can help people make adjustments to their mortgage and keep their juicy Prime minus mortgages, this one is open to boot!!