3-year variable rate mortgage!

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Mary01 Mary01
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3-year variable rate mortgage!

Hi,

Help me know more about 3-year variable rate mortgage. Most of the people prefer a 5-year mortgage. But, my broker asked me to choose a 3-year mortgage as it is convenient to switch the mortgage after 3 years.

Is there any hidden risk in taking this mortgage? I have also seen a broker mentioning the benefits of 3-year variable rate mortgage. Only a small percentage of people prefer this and if someone over here has any experience, please let me know the details at the earliest. Thanks in advance!