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So, what does this mean for my mortgage?
by teekert 4y ago
So, what does this mean for my mortgage?
- bombcar 4y agoShouldn't mean anything as long as you can keep paying on it.
- Finnucane 4y agoIf it's fixed rate. Anyone who took an adjustable loan at a time when rates only had one way to go (up) is gonna be boned.
- saiya-jin 4y agoand that's the trick, once fixations end those easy-to-pay 2k will become 4k (or 7k)
- thedougd 4y agoARMs sold today are typically it the 5/1,7/1,10/1 variety. The terms outline the maximum increase per year and lifetime after the fix ends. A doubling or tripling of payment immediately at the end of the fix term would be unusual.
- HWR_14 4y agoMake sure you don't have an ARM. ARM holders might see their payments skyrocket when it goes off the fixed rate. If you currently have a fixed rate mortgage then you are locked in and in great shape. Nothing will change monthly in your mortgage. The "what does this mean" could be that you can comfortably afford to live there but that moving would become much more expensive that you are stuck in your current home for five years.
- leoh 4y agoIn some cases, one can “port” their mortgage; ie sell their existing place and keep paying down the mortgage and buy a new place
- HWR_14 4y agoI don't know what that would mean. You sell your house as a owner-financed thing? It still doesn't get you the cash up front to put down on a new house.
- leoh 4y agoLet’s say your house is worth $2M and you bought it for $1M and had a loan for $600k. You sell the house and have $2M to spend on a new house and a loan to continue paying off.