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Currently debating between 1.49% fixed over 4 years or 1.69% fixed over 5 years- both from CIBC w/ cashback (refinancing mortgage and transferring from HSBC to CIBC).
I calculated the break-even point for year 4 - 5 (excluding cash back, penalty, etc. so strictly mortgage) at 2.49%. But the mortgage rate at year 4 (renewal rate if I go w/ 4 year mortgage) could be vastly different (lower) than my mortgage rate at year 5.
Thoughts?
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