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Guys, don't downvote him. Many parts of the world do it like that- your 30yr mortgage is really a series of 5yr balloon amortized for a 30 year period. They don
by gascan 8y ago
Guys, don't downvote him. Many parts of the world do it like that- your 30yr mortgage is really a series of 5yr balloon amortized for a 30 year period. They don't have the option of a true 30yr fixed.
- refurb 8y agoCorrect. And I know for at least Canada there are circumstances where you can be denied a renewal if you don't meet income requirements. Let's say you refinance from 2% to 6% and your mortgage payment exceed loan to income ratios, you might have to sell your home.