Quote:
Originally Posted by Da_Chief
My sister is on a variable rate right now. Looking to close. Her mortgage company is offering 3.79 on a 5 year fixed. Obviously moving to another company would have a penalty with it. What do you recommend? The penalty is ~$3000.00
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It's tough to say without knowing all the numbers. We would need to know her remaining mortgage balance, term and ammortization left on the mortgage.
However at only $3000 for a payout penalty there is likely a good chance it is worth it for her in the long run to switch to the lower rate.
Have her get a hold of me if she wants me to run some numbers for her and figure out if it is a better option.
jamiecoulter@shaw.ca