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EUS
Kill cancer
Premium Member
join:2002-09-10
canada

EUS to Bob4

Premium Member

to Bob4

Re: [Serious] Banking on your home resale price to retire?

Thankfully we can renew every few years, else I wouldn't be @ 2.25% right now, I'd be stuck with my starting rate of 4.59%
Bob4
Account deleted
join:2012-07-22
New Jersey

Bob4

Member

said by EUS:

Thankfully we can renew every few years, else I wouldn't be @ 2.25% right now, I'd be stuck with my starting rate of 4.59%

We can do the same thing (by refinancing), but it's under control of the homeowner and not the bank. They cannot make my payment go up.

elwoodblues
Elwood Blues
Premium Member
join:2006-08-30
Somewhere in

elwoodblues to EUS

Premium Member

to EUS
said by EUS:

Thankfully we can renew every few years, else I wouldn't be @ 2.25% right now, I'd be stuck with my starting rate of 4.59%

You were probably lucky, most banks want interest differential payments now. the money they'd "lose" by allowing you to renew at a lower rate.

This 3 months interest business is pretty much gone.

EUS
Kill cancer
Premium Member
join:2002-09-10
canada

EUS

Premium Member

Alas, I have to renew this month, and because of house hunting I will have to choose an open mortgage so that I can exit without penalty, which translates to a 1% increase in rate.