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My mortgage is variable rate as well. Every month I pay interest, 3.5% But have some cash saved up in bank that I don't use now (possibly would need some money for another investment property or renovation)
I could pay off the mortgage and open HELOC just in case I would need cash later.
Owner occupied property, the one with mortgage is also under my name only, I have no income to claim now, wife obviously lives with me, makes about 50k, our credit scores are about 840.
Ideally it would be nice to invest the cash, but I don't know any risk free or low risk investment that would make me much more then 3.5-4% to cover the bank interest
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