What happens when your fixed rate mortgage has expired?
Written By: admin on July 19, 2009
2 Comments
I am shopping around for a mortgage but I dont know what happens when the initial 2 year fixed rate term expires. Can you go the loan to another bank and get another fixed rate ?
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When most people call something a fixed rate mortgage they mean a fixed rate fully amortized mortgage.
What you must have is a mortgage that the rate was fixed for a period of time and then it either balloons (you have to pay off the balance with cash or by getting a new loan somewhere) or the interest rates adjusts.
Either way you should find out what your loan will do. You should not get a loan that you don’t know. I would stick with fixed rate fully amortized loans- and I would stick with local loan officers that I can speak face to face with. A lot of very smart people have been conned by mortgage loan officers they only met over the internet. Even if it is a large well known company I would only deal with a local loan officer.
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