Mortgage term advice
1 year 4.57% with $4940 lender fee (1% of the mortgage amount)
2 years 4.74% with $1000 lender fee
3 years 4.94% with $1000 lender fee
Amortization 30 years
It looks like 2 years option is the best among the other 2 options. Do you guys think rate will go up much higher than 4.94% 3 years from now? I understand that these rates are awfully high compare to the normal rates, but keep it mind for our situation we will need to go with a lender that does not follow the new stress test. Therefore, they are charging premium and we are okay for short term until our situation change in the next a couple of years or so. Please provide advice based on what we have provided above.
Thank you for your help.