#MortgageQuestions #RenewalDecisions #FinancialAdvice
Hey everyone! 🏡💰 I’m at a crossroads with my mortgage renewal and could use some input. My lender has offered me rates for 3, 4, and 5 years fixed terms, and I’m torn on what to do. Here are the details:
– 3yr fixed = 5.14%
– 4yr fixed = 4.94%
– 5yr fixed = 4.84%
Should I play it safe with the 5-year plan or take a chance on a lower rate after 3 years? I’ve crunched the numbers and it seems like sticking with the 5-year could save me around $140/month. But is it worth the risk of rates going up in the future?
I’m leaning towards the 5-year plan for stability, but I’m open to other perspectives. What do you think? Any advice or experiences to share? Let’s discuss! 🤔💬
My possible solution would be to have a conversation with a mortgage broker to explore other options and potentially negotiate a better rate. It never hurts to shop around and see if there are better deals out there! 👍🔍
Looking forward to hearing your thoughts and insights! Thanks in advance! 🙏
It’s a gamble, go with what ever feels good to you
Go to a broker. Never simply accept what your current lender offers you. It _might_ be the best offer for you. But you might get better offers. Ratehub is currently showing 5 yr fixed as low as 4.64%.
Broker is a complete waste of money if you have a good income, to get a mortgage approval. Go to 4 banks and start an application, they all have cash incentives and you can negotiate to waive the appraisal/legal fees.
You’ll pay a broker $xxxx to get you a .10 better rate? Doesn’t make sense over the long term
Post on the redflagdeals mortgage thread. Mortgage specialists will help ya out. Rates you are given are slightly higher than what I have seen.
What province are you in? Rates vary based off location.
Wait until 2 weeks before and reach out for new rates. Ask for 20 bps less than the offer. You’ll probably get it down half that at least
5 year fixed and pay as much into principal as you can
Loan officer here… I see a lot of comments about lower rate. Be mindful to get an overall great Mortgage product. We got 5 years for 4.84 BUT we can cancel for only 3 months interest. Have a lot of flexibility for lump sum etc… the whole financial aspect of your mortgage is not just about saving 0.05%…
Alot can change in the next few months potentially saving you .25 or even .5% tomorrow inflation data comes out and then next week is the fed rate announcement, probably nothing this time but m over m numbers are going down so there might be a rate cut before your renewal. I would sign anything until the very end.
Lot better rates available for 3 yr fixed. I have seen 4.9x
We took the 3 year fixed at 5.07%.
If you stay with your lender there a usually no addition fees, a broker wants to do an evaluation $400 and you may need a lawyer. Check before going with a broker.
DM me if you want to run numbers I am a broker we can see what best comes up. Don’t settle for the first offer shop around!!
You’ll get a much better rate in few weeks
Seems high. I just signed a 3 year renewal at 4.74% 3 weeks ago and a cash back. They offered 4.64% 5 years as well.
Uninsured, flexible options, etc. Shoot me a message if you want their contact.