Are you thinking about renewing your mortgage now that interest rates have dropped a bit?
If your mortgage term is ending soon and you have a fixed rate, you might want to consider making extra payments now to lessen the burden of higher payments later on. For variable rate holders, the decision between fixed and variable rates depends on factors like future rate changes and your personal preferences.
In general, if you prefer stability, a fixed rate might be better for you. However, if you're comfortable with some uncertainty and think rates might decrease in the future, a variable rate could work out in your favor.
Remember, the choice between fixed and variable rates isn't just about the numbers. It's important to consider your own financial situation and how much risk you're willing to take. Talking to a mortgage broker can help you make the best decision for you and your family's future.
It might be a good idea to chat with me to get some advice. I can help you lock in lower rates and explore different options that could save you money in the long run. Don't just sign your bank's renewal offer without considering other possibilities.
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