Invest with UBS. Your money can’t be safer.
The maximum bump is 2% per year with ING. So it would be at least 8 years before he’d hit 8%. 
And, refinancing makes it a little easier to pay off within those five years. Someone threw out $560/mo savings in interest…over the five years that would mean about $30K less principal he’d need if he did decide to pay it off (assuming he continues making the same payments as he is currently doing).
yeah but by then he will be $150,000 upside down on his mortgage and it will be impossible to refi! 
Congrats on your ship (possibly) coming in. Take a day off, and come race the Autumn Bay 5k this weekend. I’m going to visit PC for a day or three, and plan to do the race, unlessof course Angelina Jolie meets me at my hotel and keeps me up all night…so maybe 50-50 that I’ll be there, with one 50 being much more likely than the other.
I am an accountant and always get asked this question, particularly when I worked in the U.S where mortgage interest is deductible (in Canada it isn’t).
My .02 is that you should pay off your debts. There are some advantages to having a mortgage debt or having debt to invest, but there is no price you can put on being debt free. It gives you freedom you can’t compare with “tax savings” and I think that is a big error people make in their lives. They live to minimize their tax burden but get caught in the stressful position of having to work to pay off all their debts. It is particularly stressful when the economy goes into recession, and the economy always will go into recession at some point.
I quit my job and travel on my investment income and can attribute that to the fact that I focussed on paying off a mortgage first, then was able to save money by living very cheaply, and now I don’t have to work. You can’t put a price on getting a good night sleep and living your life without the constant worry about meeting your mortgage.
That is my particular perspective and realize not everyone can do it but I cringe when I hear people make big decisions solely for tax or monetary reasons.
My wife and I fast tracked our mortgage 10 years ago, and it is one huge relief. My wife as a conservative CPA kept me steered away from looking for that second home or larger house. I was layed off in 2001, and outside of COBRA, and utilities, that was our only needed expenses. We are now doubling down on our retirement, while friends of the same age are giving their money to the mortgage company.
(financial) freedom is a lovely thing
That is exactly what I did too and you are right, you can’t put a price tag on the financial freedom you get when you pay off a debt. I think now it is even more important because investments are risky. Ten years from now I bet the price of most homes will go up more than the stock market so your best investment is your home.
Thanks to everyone for your opinions and advice. Some made me think and some made me laugh out loud. I know I can always get varied but wise advice on ST - and I appreciate everyone taking the time to respond.
I don’t know that my situation will change - but it needs to. Things have been stagnant (career wise) for about 9 years and it is time that I took control of my own destiny. I can’t share too much because I need to keep some things close to the vest for now. But when I can, I’ll share my little life change with my ST friends - even the liberal ones