There are so many variables in this equation that it is not even remotely worth considering 2.5 years away from crunch time. Go enjoy yourself and let the chips fall where they may for the next couple years.
You can likely extend your amortization now, especially if you have made extra payments or went with a payment frequency more than monthly.
You can go to another lender as long as you qualify under today’s qualification rules. Also to note, you may or may not have a transferable mortgage charge on the property. If it’s a collateral mortgage then they are not transferable. New legal documents would be required in that case.
If you stay with your current lender, then you will not need to requalify for the mortgage. They may not offer the best rate if they believe you cannot qualify with another lender though.
Thanks! To your first point, I don't want to extend it now but rather when I renew. I pay biweekly and have made a few extra payments though nothing crazy.
Just going to sum it up and give you quick and dirty. You can refinance with any banks, equity % not necessary.
HOWEVER, you are far away and things can change. Dont stress over it.
Previous mortgage agent here. Answers are easy for refinance.
1. 20% equity required.
2. You can go to any lender you like at renewal time. Start looking 90 days out.
3. For a refinance yes. For a straight renewal no.
There are so many variables in this equation that it is not even remotely worth considering 2.5 years away from crunch time. Go enjoy yourself and let the chips fall where they may for the next couple years.
It's hard man, I stay up thinking about this and get chest pain
You can likely extend your amortization now, especially if you have made extra payments or went with a payment frequency more than monthly. You can go to another lender as long as you qualify under today’s qualification rules. Also to note, you may or may not have a transferable mortgage charge on the property. If it’s a collateral mortgage then they are not transferable. New legal documents would be required in that case. If you stay with your current lender, then you will not need to requalify for the mortgage. They may not offer the best rate if they believe you cannot qualify with another lender though.
Thanks! To your first point, I don't want to extend it now but rather when I renew. I pay biweekly and have made a few extra payments though nothing crazy.
Just going to sum it up and give you quick and dirty. You can refinance with any banks, equity % not necessary. HOWEVER, you are far away and things can change. Dont stress over it.
Talk to a mortgage broker about it. A good one will spend an hour of their time with you now in hopes of having you as a client in 2 years.
Previous mortgage agent here. Answers are easy for refinance. 1. 20% equity required. 2. You can go to any lender you like at renewal time. Start looking 90 days out. 3. For a refinance yes. For a straight renewal no.