Denis Blake – Mortgage Broker
Dominion Lending Centres Alliance
2141 LaSalle Boulevard,
Sudbury, Ontario P3A 2A3
FSCO# 12063
Phone: 1-705-560-7283
Toll-Free: 1-877-560-7282
Fax: 1-705-560-7284
E-mail: dblake@dominionlending.ca
Denis Blake
Find More Mortgage Brokers/Agents/Lenders in Ontario - Comments (1)
Mortgage Agents Servicing: Sudbury
Mortgage Agents Servicing: Sudbury
Hi Denis it’s Scott Lyons (voice from the past). I hope all is well with you and your family.
My National Bank mortgage and attached line of credit is coming due Aug 5 2022 with an early renewal possibility available on February 5 that will preclude any need for an appraisal or other fees. The disadvantage to no appraisal is I won’t have the benefit of the obvious house increase value that has occured and the possibility of maybe having a LOC increase but I won’t have any other fees by simply renewing. As BOC plans rate increases sometime soon, I’m looking at locking a new low rate before they increase. I’m scheduled to meet and look at renewing at ~2.89% which has been my 5 year rate at present.
I was told penalty to break mortgage at this point would be $2200 if I went elsewhere, plus appraisal fees and other fees going to a new lender. Grateful BOC held on rate increases today to give me some time. Curious if it’s even worth shopping around with a broker given there will be penalty of $2200 plus home appraisal plus…to get possibly a lower rate that wouldn’t make up for all these added fees. I guess the question is: With $2200 penalty, would any of your lower rates make up for that in taking account of additional fees they will charge versus renew at ~2.89 without added fees?