Quote:
Originally Posted by Aleks
Is it worth locking to 10 years? My house will be complete end of may, and we are kicking around a 5 year 2.89 or go the extra with 10. I'm leery as I've always been a variable rate guy and it's been good for me, but I also know it has to get rocky at some point.... Your honest opinion? Fwiw I'm also a weekly accelerated payment person, not sure if that plays into it. Where can I see the trend of the 10 year rates on a graph somewhere?
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I had the same decision to make last summer. Then, it was between a 5yr @ 3.09% and a 10yr @ 3.99%.
In the end, I opted for the 10yr @ 3.99%. My mortgage is at the very upper end of what I can afford. I probably couldnt absorb an interest spike over 6.5%, and if that happened at the time of a 5 yr renewal, I'd be in a world of trouble. So, even though the 10 year will cost me a bit more longterm, it mitigated enough risk to make it worth it for me.
Btw, Mike Oxlong found my original mortgage, and helped me with the refinancing. From experience, I highly recommend Mike for any of your mortgage needs.