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Make 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 th
by HWR_14 4y ago
Make 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.