Time to Get a New Mortgage

When I was a mortgage broker,Remortgages or Refinances were our bread and butter. Rates were low and everyone wanted to refinance their mortgages. Our office was directly across from a busy traffic light and we had our rates posted in the window. I can't tell you how many times people called on their cell phones while sitting at the traffic light-when they heard our rates, they'd come on in. I wrote dozens of mortgages that way.

Now I am in need of a new mortgage for my house. Our rate is about to adjust up plus we want to pay down a big chunk to make our principal (and payments) lower. For the next few weeks I'll compare mortgages and find the best deal. Since I was in the business, I'll probably talk to the company I worked for first. I know they won't give me the run around and I'll be able to get a good rate too.

Wish me luck!

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mlankton said...

Rates are still low, lock yourself into a fixed. We initially had an adjustable, and after two years, my monthly payments had gone up +$150. I refinanced and locked myself into a fixed rate.

hotdogman said...

Same boat I'm in. I can do NO POINTS, NO CLOSING, so I may go for another adjustable for 3-5 years to take advantage of the lower rate. I've ALWAYS had adjustable mortgages and re-fi'd before it adjusts.

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