Quote:
Originally Posted by Traum
I know nothing about how US mortgages work, so I am purely bs-ing here, and treating it as a Canadian mortgage.
If it is a Canadian variable rate mortgage, I think the A lenders typically allow the borrower to terminate the mortgage by paying 3 months' worth of interest. With a rate that is 1.38% cheaper, I'd run the math and see the savings for switching could justify the interest penalty. Over a 5 year term, I think you should be coming out ahead by switching?
Saving $200/month seems pretty significant to me.
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refinancing wiith a different lender, don't you have to pay title again? what about appraisal and origination fee?