Looking for mortgage advice
I apologize if this is not the right forum for this, but I'm in a bit of a crunch.
Dh and I signed our mortgage renewal papers a couple of weeks ago, due on November 1. The bank phoned me today, and our lender told me that while she was very very sorry, the terms that we had signed were no longer available and dh and I need to choose another mortgage product. The options are:
1. Variable rate mortgage. Prime +1, 5 Year closed term, payment changes as rate does.
2. Save Now mortgage. Posted rate for 1 year @6.35-2%=4.35% for 1 year. Can early renew in the next year anytime into any fixed product. If you renew into a 5 year, will be guarenteed 1.25% off the 5 year rate on date of renewal.
3. A 1.25% discount off the current 5 year rate of 7.20=5.95%. Payment and rate would be fixed at 5.95% for the next 5 years
Does anyone have an opinion on these? Prime is currently at 4%. We live in Canada, our credit is excellent, and our goal is to pay off our mortgage as quickly as possible (approximately $260000 with 11 years remaining).