Since I asked you all for advice, I've bought the place and I signed up for the 3.89% fixed rate for ten years. I take possession on July 1!
I'm still relatively new to the home-buying process and mortgages in general, but in regards to what RubberDuck asked, my mortgage broker said that when you're coming up to your renewal, the bank will in fact offer you rates that quite simply aren't the best. He advised not to sign the form and send it back, even though it seems ridiculously easy to do and doesn't bring much brain damage. It makes sense, I guess.
He advised to do some digging around and see what kind of rates are offered.
I like the ten year rate because I'm not sure where rates are headed for the next three to six years. There seems to be a lot of speculation that they're going up-- how high is the question.
He beat the 3.99% fixed over ten years as soon as I called him, so I was happy with the deal. If you need some contact info, RubberDuck, I can give you his information. Maybe you have some more options?
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