Lower penalty vs lower rate
First-time buyer here. I am exploring my mortgage options. I narrow down to two options
1. Brokers I trust offer 2.79, 5 years fixed from non-banks (MCAP). The penalty for breaking the mortgage is low.
2. A major bank that I have relationships with offers 2.69, 5 years fixed, but the penalty is steep.
I am debating the tradeoff. Given the volatile future, there is a non-trivial chance that I want to break the mortgage when the rate goes down. On the other hand, 2.69 is a good rate.
Any insight would be appreciated.