Quote:
Originally Posted by dubc80
Ok, seems to be lots of good banter in here among people more knowledgeable than me.
So... here goes!
Currently on a variable mortgage at prime minus 1.26%.
My rate has climbed from 1.19% in March to 4.19% currently.
4 years left in my term.
They are offering 5.14% for 5-year fixed.
What do you experts say? Convert? Or ride it out?
Fortunately for our family, we are not one of those families who took the max mortgage available and live well within our means. Variations in payment are annoying, but not crippling.
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Personally, I'd ride it out, but I wouldn't do completely nothing either. I'd increase the payments $100-200 or whatever you're comfortable with.
I jacked up my payments by $250 or something after selling my rental (few grand a year) and it felt pretty good to see my amortization duration knocked down 2 years.