Mortgage renewal due now but plan to pay off balance in 2 months - go open mortgage or move balance to heloc?
So our RBC mortgage is due in early May. By the end of May or shortly thereafter I'll be able to pay it off completely but in the meantime I'll need to either renew another term or switch over the balance to my heloc. The heloc is cheaper rate than an open mortgage but I was wondering if there is any technical details in the fine print if I should choose one over the other. Not very technically inclined with financial terms.