Renewing mortgage

[mlwilliamson]

All-One-Mortgage products.



Looking at going with an all in one mortgage product upon renewing my principal resident mortgage. Does any one know if I can put a variable rate mortgage in an all in one mortgage product? Which bank actually provide this?



Thanks,



Michael

 

[RobMacdonald]

Hi Michael,



The 'All in One' is actually a National Bank product. There are several lenders that offer 're-advancable' mortgages. They all have different features and benefits.



The All in One is very similar to the manual one mortgage. Most lenders offer a VRM component, but the pricing will be different across each lender. National only offers .65% off prime on the VRM and you can do better with other lenders.



What you also want to consider is how the mortgage on your principal residence will affect your longer term plans as a real estate investor. Depending on the province you're in, credit unions also offer good 'All in One' products with fairly aggressive pricing.



If you need some help researching your options, don't hesitate to give me a call.

 

[kboughen]

Hi Michael,

National, Laurentian, Scotia, FirstLine, Merix all Offer HELOC and variable combination readvancing products. They each have different qualification procedures and advantages/disadvantages. All are available through the Broker channel so an experienced Broker will be able to review you situation and make recommendations.