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Thread: TD Bank - 2.34% mortgage renewal for 2yrs or 2.05% variable HELOC

  1. #1
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    I'm in my 2nd yr of Property Tax Deferment, which means, if I change bank for mortgage I have to pay all my property tax first.
    i can't afford to pay my 2yrs property tax at this time and i plan to just keep deferring my property tax till I sell the house much later on
    which means i'm pretty much stuck with td for mortgage (~$140K left)

    my question/help/advise: (maybe i left the bank without asking enough question)
    will td allow me to swtch my current 2yr mortgage (which will end on Aug 1, 2017) to HELOC even with my property tax deferment
    i'm not familiar with HELOC - TD said they will pay for all the fees if i transfer (lawyer, appraisal ...) - is there yearly fee with HELOC
    what is ur prediction with this 2.05% - will this go up pretty soon
    can i pay the same amount each month

    i know with property tax deferment, i'll be stuck with td, just seeing if this will be better than renewing my mortgage for 2yrs (2.34%) or 3yrs (2.36%)

    HELOC expert needed - thanks
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  2. #2
    Smart Canuck mulock's Avatar
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    I'd recommend speaking to a Mortgage Broker.....at least you'll get more truth and less BS out of them than speaking directly with the bank.

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    I did not even know that there was such a thing as property tax deferment, so I did some research on it. I suppose it can be both a good and bad thing. You have to eventually pay the piper in the long run because after doing this for years, a person will owe thousands of dollars.

    Personally, I would not dream of doing such a thing, but for others it works, I guess.
    Colsgirl likes this.

  4. #4
    Luv Saving People Money MortgageQueen's Avatar
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    Quote Originally Posted by chris_j11 View Post
    I'm in my 2nd yr of Property Tax Deferment, which means, if I change bank for mortgage I have to pay all my property tax first.
    i can't afford to pay my 2yrs property tax at this time and i plan to just keep deferring my property tax till I sell the house much later on
    which means i'm pretty much stuck with td for mortgage (~$140K left)

    my question/help/advise: (maybe i left the bank without asking enough question)
    will td allow me to swtch my current 2yr mortgage (which will end on Aug 1, 2017) to HELOC even with my property tax deferment
    i'm not familiar with HELOC - TD said they will pay for all the fees if i transfer (lawyer, appraisal ...) - is there yearly fee with HELOC
    what is ur prediction with this 2.05% - will this go up pretty soon
    can i pay the same amount each month

    i know with property tax deferment, i'll be stuck with td, just seeing if this will be better than renewing my mortgage for 2yrs (2.34%) or 3yrs (2.36%)

    HELOC expert needed - thanks
    CHris, why do you not just refinance, pay off your taxes and get whatever mortgage you wish? I seriously doubt it will increase your mortgage payment that much. You can get 2.15% variable withTD for a 5 year rate. That doesn't mean it will stay that rate. It just means your variable rate will remain at Prime rate minus .55%
    Prime rate could and likely will, go up this year, but not significantly.
    Otherwise, the rates they are offering you are fine.

  5. #5
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    It is better you meet a mortgage broker. Once you are approved for a HELOC, you can use the money for whatever you want. It is also a tool for consolidating other high-interest debts. A HELOC is more similar to a debit account where you can withdraw from as you need.

    There are mortgage brokers in Edmonton where you can take HELOC help. It will be also good if you can go for refinancing. Thank you.

  6. #6
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