Looking for opinions on the following 2 options (approved for both a few months back), close on the new house at the end of may
principal balance will be 1.728M in GTA, 5 year term
1) Variable, P - 1.3% - currently 2.05%, $13,000 in cash back (broker + bank offer)
2) Fixed, 2.84%, no cash back
We have proceeds from sale so can make lump sum or increase payments if things get crazy, but im hearing different opinions on the fixed we have locked in,
wondering what your thought process would be
principal balance will be 1.728M in GTA, 5 year term
1) Variable, P - 1.3% - currently 2.05%, $13,000 in cash back (broker + bank offer)
2) Fixed, 2.84%, no cash back
We have proceeds from sale so can make lump sum or increase payments if things get crazy, but im hearing different opinions on the fixed we have locked in,
wondering what your thought process would be