Mortgage Opinions...

[Nufy]

Looking at Renewing My mortgage in a few weeks.

Here is what I have to decide from...

Option 1;

HELOC at prime (4% I believe)


Option 2;

4 year fixed at 5.34



From my current provider....



Option 3;

3 year fixed at 5.5

Option 4;

4 year fixed at 5.7

Option 5;

5 year fixed at 5.79

Option 6;

5 year variable at prime +1%



I like the low interest of the HELOC. I'm waiting on details on locking in , early payment etc...



What do you guys think....

[yohan4ws]

Right now HELOC is the way to go, depending on the institution. I'm not sure what I can provide, but I know TD frequently does HELOC (My first one was through them).

I can't say if rates will be offered prime minus for some time, so certainly for the time being open floating LOC is the way to go for the best rate.

I got a mortgage at prime minus .6% so I'm paying 3.4% right now, gotta love that.

Stats tell us that floating mortgages/LOC will save more over time than a standard locked in mortgage.

If you go w/ HELOC there's some wicked strategies (smith manouvre - sp?) that'll work wickedly to pay the house off uber fast and get tax breaks along the way.