With Rates Falling At What Point Do I Re-Negotiate My Mortgage? - mortgage tables
We have 4 years remaining in our term of 5 years of 5.1 %.... 208k is still left on our mortgage, the image appears as I would have paid in 18 years.
With prices as they are, how can I know how it makes sense to pay the fine and re-negotiate my mortgage rate at the beginning of the renovation?
This is a problem in Canada and RBC is the lender, if it helps.
Thursday, January 7, 2010
Mortgage Tables With Rates Falling At What Point Do I Re-Negotiate My Mortgage?
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Since you 4 more years at current interest rates and have only 14 years remain in the mortgage market, the most likely answer is that if any of refinancing during the fixed rate period. Even if you were able to get lower interest rates, which include penalties refinance costs, would require an additional significant amount of time to recover these costs in the lowest price. A much better solution would be to apply the punishment of money and closing costs money, along with other funds available, you can find additional payments to the reduction principle. Even a modest additional amount of 5% to 10% of the total monthly payment is paid each month can greatly reduce your profit. With much effort and does not always pay a little more at the beginning of each month, you can use 10 years or less left on the loan when the fixed rate ends. If the rate is set to a higher level, then the remaining amount to be much smaller, so that the total interest paid would not still a concern. And if they wantYou want to refinance at this time, the options are much better than the expression of a lot of equity and will be very short, to make the loan more attractive to lenders.
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