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In response to "LYC: Mortgage is up for renewal in about a month. Big banks have been slashing rates. Me = happy. -- nm" by Shaun

"Renewal"? -- nm

Posted by Ender Jan 29 '15, 07:29

(No message)

Responses:

Mortgages here are only locked into an institution for a short period of time relative to the mortgage, usually 5 years. 10 year max term, I believe. -- nm - Reagen Jan 29, 07:47
interest rate locked in for 1-2-5 years. rate is up for renegotiation...you don't have that in the US? -- nm - Beaker Jan 29, 07:43 5
- US interest rates are locked in for the entire amortization. -- nm - Reagen Jan 29, 07:45 4
  - huh...that sucks -- nm - Beaker Jan 29, 07:48 2
    - not really - you can always refi, and having a 25 year mortgage at today's rates would be great. -- nm - Reagen Jan 29, 07:49 1
      - yeah, i'd lock in now for the duration if that was an option. -- nm - Andie Jan 29, 07:55
  - You can get floating rates but to renegotiate you have to refinance the entire thing. -- nm - spamlet Jan 29, 07:47
Renewal!?! I would cancel that sh!t! -- nm - Ultron Jan 29, 07:30 1
- maybe he had a balloon ? I had that on my home mortgage because I had never financed before ... got lucky and locked it year 5 -- nm - JenBro Jan 29, 07:41

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