Quote:
Originally Posted by mrkajz44
My mortgage renews next week and I've gone with 4.29% fixed for 5 years. We plan to have the house fully paid off over those 5 years with some extra payments along the way.
I've accepted that the likely outcome is variable over 5 years probably works out better, but I valued the certainty of the rate over the rest of my mortgage much higher and it eliminates any stress relating to rate changes. The fact that we're nearing the end of the mortgage as well helped minimize the impacts of the rate.
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Lol. If you're actually paying off the mortgage in 5 years, having a 1% difference on the interest rate is going to be pretty inconsequential. You are likely coming out ahead too as your balance now is going to be considerably higher than your balance later, when the interest rates are lower. So you have more incentive to go with the lowest rate now.
Congrats on living the dream!