With the current 5 yr. fix at 2.04 % vs. variable of P-0.6 (1.85%), Will it be safe to say that better to take out a 5 yrs. fix now.
Love to hear your thoughts
The 5 yr fixed typically has the worst penalty if you need to break the mortgage for any reason. I prefer variable or short term (1-3 year) fixed.
Sent from my iPhone using myREINspace
Go with a variable rate if you may wish to sell prior to 5 year anniversary as max 3 month penalty unlike fixed rates. Line up mortgage with your property goals. Of long term then 5 year ok unless it’s well over 2%.
So in your case 2.04% is fine if you envision owning 5+ years although of course 1.8% is cheaper !!
Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor www.prestprop.com
The 5 yr fixed typically has the worst penalty if you need to break the mortgage for any reason. I prefer variable or short term (1-3 year) fixed.
Sent from my iPhone using myREINspace
Also, 5 year fixed is at 1.85 today and less with certain conditions
Sent from my BBF100-2 using myREINspace mobile app