@[email protected] to [email protected] • 7 months agoA Huge Number of Homeowners Have Mortgage Rates Too Good to Give Upwww.nytimes.commessage-square137fedilinkarrow-up1362
arrow-up1362external-linkA Huge Number of Homeowners Have Mortgage Rates Too Good to Give Upwww.nytimes.com@[email protected] to [email protected] • 7 months agomessage-square137fedilink
minus-square@[email protected]cakelinkfedilink4•7 months agoIn USA, refinance happens only when consumer wants to. Usually to get a better rate or cash in on some equity I think.
minus-square@[email protected]linkfedilink3•7 months agoSo what happens if you go to renew and they’re like “screw you, 8%”, and you can’t afford that increase? Do they just foreclose your house?
minus-square@[email protected]linkfedilink1•7 months agoWe have to renew in Oct and we were looking at BMO and they have a 10 year fixed now.
In USA, refinance happens only when consumer wants to. Usually to get a better rate or cash in on some equity I think.
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So what happens if you go to renew and they’re like “screw you, 8%”, and you can’t afford that increase? Do they just foreclose your house?
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We have to renew in Oct and we were looking at BMO and they have a 10 year fixed now.