Are these good rates for early renewal?
Currently with CIBC at 5.99% fixed renewing on Nov 24. First renewal and uninsured
Amortization remaining: 21 yrs 6 months out of 25 years initial
Mortagage balance : 569K
Owner occupied property in Clarington, ON
CIBC is offering me early renewal rates as below which if I accept would be applicable for 4 monthly payments
3.99% : 3 year fixed
Prime -1 :3 yr variable
Prime - 1 : 5 yr variable
Are these good rates to early renew or should I wait near end of my current term and then start looking for rates. If I renew early now I will save atleast around $2800. I am more leaning towards 3 yr variable as we may upgrade (not sure yet) within next 3 years and this will reduce the penalty if I break.
Please let me know if these are good rates to renew now