Quote:
Originally Posted by Iggy_12
My current rate is 2.34 I locked into a 5 year fixed that is set to renew in April 2025. Feel like I am right in the middle so I am looking for advice. Do i sign a variable mortgage and wait for rates to come down even more as predicted by the end of 2025 then switch over to a fixed when it gets somewhat close to my current rate?
All this stuff seems pretty confusing. To add to the confusion like Erik, i am going through a separation, i had been pre approved to take over the mortgage myself, is it as simple as just assuming the remaining portion of the mortgage or do i do nothing until April? I have a separation agreement from the lawyers, do I just take that to my bank get approved and mortgage doesnt change until its time for renewal in April?
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I would look at a variable through ATB. ATB is unique in that they post their actual rates (not fake rates that nobody actually signs for). This is important because the variable rate mortgage can be converted to a fixed at anytime. When you convert you'll be converting to an actual market rate. With the big banks you'd have to pay their overinflated posted rates.