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Explore shorter-term renewal options and consider a portable mortgage* to minimize penalties if you sell or move sooner than you expect.
You should consider longer-term mortgages with lower rates. You can also explore options like increasing your amortization* to lower your payments.
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You should consider increasing the size of your payments, their frequency (like an accelerated bi-weekly interval), making lump-sum payments and to reduce your principal faster.
Focus on securing the lowest possible interest rate and extending your amortization* to free up cash flow for other financial goals.
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A variable rate mortgage* might be a good option for you, as you can potentially benefit from rate drops.
A fixed-rate mortgage* offers stability and predictability, as your rate will remain the same for the term, regardless of market fluctuations.
If so, you should explore your refinancing options to consolidate your high-interest debt to your mortgage balance. This can simplify your payments and save you money on interest. An ATB mortgage advisor can help you with this. The sooner you reach out to them the better.
If so, consider increasing your mortgage amount through refinancing, a second mortgage or a HELOC* to cover the renovation costs. Reach out to a mortgage advisor for help finding the best option for you. Learn more about borrowing from a HELOC. Learn more about refinancing.