My 5 year fixed rate mortgage finishes in six months. What happens then?
Written By: admin on July 27, 2009
2 Comments
This may be a dumb question but do I get the option of extending the fixed term or do I have to start a whole new arrangement? Can I get a whole new mortgage with a different lender or is it best to continue with the current one? Are the rates of mortgages at the moment terrible because of the financial climate? Help!
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Semantics. You were probably told it was fixed for 5 years. That’s how the less than honorable mortgage brokers hook you in. All you heard was FIXED. My guess is you have a 5 year ARM. After the 5 year "fixed" period it can probably adjust every year. Rates are fantastic right now so this is the perfect time to shop around. Do not go back to where you went before. Call some mortgage bankers, not mortgage brokers. There is a difference. And this time pay attention to what you are getting.
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