I wanted to get thoughts on strategies around my mortgage and how to take advantage of it.
Current mortgage: conventional 25-year mortgage, 7 years into it, variable rate of 1.75% as it stands now. Balance remaining of about $190000 with a biweekly payment of around $600.
Thoughts I have around this are:
1. keep things as is
2. refinance and lock in at a fixed rate for 5 years, maintaining current repayment schedule which has 18 years left in it: certainty on rates, may or may not save money after penalty which is three interest payments
3. refinance as in point 2, but extend the mortgage to 25 years
4. refinance as in point 2, but extend the mortgage to 30 years
5. refinance and take equity out but keep payments at current levels, and use equity for other investments
The idea with options 3 and 4 are that they would lower my monthly payments, but with the thoughts of paying down aggressively by doubling payments or even doing lump sums as allowed within the year, but having the luxury of a lower monthly payment option should the need arise (for example: uncertainty with employment, ability to purchase other properties.)
Do any of the above not even make sense?