Best rate available to you is 2.01% 5-year variable. It’s about $3,000 to break your existing mortgage and you’ll be saving 39bps per year for the remaining 3 years. Interest savings will exceed the penalty, so might make sense to switch.mosaic99 wrote: ↑Dec 7th, 2017 7:40 pmHi,
Looking for some opinions and suggestions.
I'm currently on 5 year variable 2.40% and still have 3 more years left. Property is in BC, purchase price is 750k, current mortgage is 470K. Should I break the term and switch to a better rate or stay with the current one? What better rate could I get if switch? fix and variable. 3 and 5 year.
Thanks a lot
Mortgage Agent and Real Estate Sales Representative