CIBC early renewal options

[paul85s10355]

Hi Rein members, I have a mortgage with Cibc coming up for renewal and the mortgages matures June 26.

they sent me a letter offering prime less .55 for a 5 year variable with 20 percent pre payment and a 4 year fixed at 2.94

currently I have prime less .6 and owenabout 95k

I spoke to a broker and she advised when it comes to rental properties the rates aren't as good as a primary residence and the 5 year variable would be around prime less .3

CIBC has known this is a rental property so I think their offer is fairly good. I told the customer service rep I wanted a better offer and he is going to get back to me in a few days after speaking to his supervisor.

I have until feb 28 with this offer, what are your thoughts.

i plan to keep this property for at least another 5 years.

thanks

 

[Thomas Beyer]

no rush .. plenty of cheaper choices in 2Q 2015 unless you have a lot of other debt and bad credit.