Mortgage Opinions...

[Nufy]

CP Mortgage Experts Unite !!!!!!!:D


Looking at Renewing My mortgage in a few weeks.

Here is what I have to decide from...

Option 1;

HELOC at prime (4% I believe)


Option 2;

4 year fixed at 5.34



From my current provider....



Option 3;

3 year fixed at 5.5

Option 4;

4 year fixed at 5.7

Option 5;

5 year fixed at 5.79

Option 6;

5 year variable at prime +1%



I like the low interest of the HELOC. I'm waiting on details on locking in , early payment etc...



What do you guys think....

[Incinerator]

take the HELOC if it is indeed locked at Prime. The Prime shouldn't be going up anytime soon, plus with HELOCs you have the flexibility to pay interest only all the way up to the entire balance (if you somehow won the lottery or something).

[simmer2]

CP Mortgage Experts Unite !!!!!!!:D


Looking at Renewing My mortgage in a few weeks.

Here is what I have to decide from...

Option 1;

HELOC at prime (4% I believe)


Option 2;

4 year fixed at 5.34



From my current provider....



Option 3;

3 year fixed at 5.5

Option 4;

4 year fixed at 5.7

Option 5;

5 year fixed at 5.79

Option 6;

5 year variable at prime +1%



I like the low interest of the HELOC. I'm waiting on details on locking in , early payment etc...



What do you guys think....

Variable is now Prime + 1%? What the heck? That's crazy! I have mine for 5 years at -0.75%....something's amuck at the Circle K.

Banks obviously don't want you to win either way, so they try and screw with both fixed and variable so the consumer never comes out on top! Double that with their poor investment choices and yep, the conclusion is I still hate banks.

[Nufy]

take the HELOC if it is indeed locked at Prime. The Prime shouldn't be going up anytime soon, plus with HELOCs you have the flexibility to pay interest only all the way up to the entire balance (if you somehow won the lottery or something).

Thats the way I am going.

With this recession coming I see prime going down again in an attempt to stimulate spending.

At least thats what I read on the internet today......:D