Hey, I'm closing in on a plex that I will eventually live in, and I'm shopping rates. It comes down to either variable 5 years (3.66%-3.7%) or fixed 3 years (3.84%), what would you recommend and what do you base your opinions on ?
Fixed 5y are obviously higher (4.1-4.2) so banks are locking me higher essentially, thinking rates are going up, so that makes the former two options more favorable
My goal was to refinance in 5y to buy myself a house or another plex, so that's why I'm hesitant in taking a 3y, not much can happen, so interested in your opinions
Also, most banks are proposing me a HELOC, and they told me I can still pull equity out when my term ends (by reducing the credit portion and increasing mortgage), is that right ? If my goal is to pull equity in 5y, and still get qualified for a house, is it advantageous for me to take on a HELOC ?
Thanks a lot, appreciate your answers !!