4 ms·
Your math is right. I forgot to mention than the minimum payment might be less than the interest rate. And the technical term for the type of refinance is "rec
by geoduck14 4y ago
Your math is right. I forgot to mention than the minimum payment might be less than the interest rate.
And the technical term for the type of refinance is "recast" (iirc) - so the "new bank" honors the terms because it is a part of the originating documents.