Not who you were talking to, but no, the closing costs are one time only. You basically just renew or get a new mortgage somewhere else. Ours is coming up in October, we’re a bit worried but hopeful it won’t be too bad. We’ve got wiggle room as we got a great deal on our house but it’s still going to suck. I have seen a 10 year fixed, might go for that if we can get a good enough rate.
Removed by mod
The US is unique in the 30 year fixed rate. It’s great if you have one, but it can have some externalities and effects like what we see here.
Wow! I did not know that! You essentially refinance your home every 5 years? How does that work? With new closing costs and everything?
Not who you were talking to, but no, the closing costs are one time only. You basically just renew or get a new mortgage somewhere else. Ours is coming up in October, we’re a bit worried but hopeful it won’t be too bad. We’ve got wiggle room as we got a great deal on our house but it’s still going to suck. I have seen a 10 year fixed, might go for that if we can get a good enough rate.
What a scam. Forcing you into new higher interest rates.