Yea this is what I'm curious about cuz most banks and even some brokers tells us to go with fix as opposed to variable? Hmmm? They're excuse is that the rates these days are very low and that variable there is no guarantee? Seriously?
Yeah 3.49% is not bad at all. But then again we have been offered lower rates. It's just a matter of going fix or variable, and who can offer us the best option. Yes, I've heard about the penalties being waived by switching, that is a good options. So far none has offered it to us. Also we've heard that there is a variable in which you could put a "cap" on it? Say the interest rate goes up, you can lock it in? Is there such thing?
All I can say is that we're not going back with our bank. We are definitely switching. They won't even add the penalty to the mortgage if we renew. We're pretty chocked about that.
If you can get a 3.49 on a five year fixed or lower for a 5 year fixed do it.
The rates are pretty low right now and could go lower but when do you lock in right?
5 years from now you can change it or change it sooner and pay the penalty
I wouldn't be choked if the bank wont roll 3000 into your mortgage as its not worth the paperwork for them.. they wont make much money on it. this is why personal loans are at least 7000 ish as anything less isnt worth the paper to process it.
