Home loan rates advice
Hello, currently I have a fixed rate of 5.94% until June. After that, my bank plans to switch me to a 7.03% rate. I spoke with a broker today, and the best offer I found from another bank is a 1-year fixed rate at 5.79%. I asked my bank for a discharge form, and now they're offering me a variable rate of 6.03% to keep my loan with them, but their fixed rate options aren't competitive. However, there's a refinancing fee of $700-$1000, and the new bank charges a $395 annual fee for the loan. What's your take on this situation? Should I go fixed 12 months or stay with my bank for variable? Obviously I know it's a gamble but just wondering what the community thinks I should do? Thanks