My mortgage is coming up for renewal, but I want to move within a few years?
Updated: Jul 4
At the end of the day, no one knows what rates or qualifying guidelines will be in the future. We don't even know how our own lives may change. So my advice in this case would be to either:
1) consider the variable (pretty cheap penalty) so you have more flexibility to get out OR
2) if you prefer fixed mortgages....
Financial Planning Rule of Thumb - Line up the Money to the Goal.
In no financial planning course I ever took did they advise putting a client into something longer than the goal...and then cross your fingers it works out. If you want to move in 3years and prefer fixed mortgages, look at a 3yr term or shorter.
Thanks for Reading! Any questions let me know!
Nikole Krupka Rolof
Edmonton Mortgage Broker