5 ms·
7 year fixed mortgage? Do you pay off in 7 years or does the rate readjust?
by thebigspacefuck 4y ago
7 year fixed mortgage? Do you pay off in 7 years or does the rate readjust?
- nrmitchi 4y agoThe loans are fairly close to an ARM in the US, and they're amortized on (typically) 25yr. They also tend to have prepayment penalties, which the US does not have for residential mortgages anymore.