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Bend it like Bourgeois · 03-01-2005, 01:09 PM

I tried to get a few banks to pay the penalty a few years back, and none would. That may have changed - or I may not have asked the right banks.

If you're looking to save money overall, not lower your payments, take the same payment you have now and plug it into a variable mortgage or even a fixed mortgage at a lower rate and see what the amortization changes to. I found that the easiest way to do the math.

The interest savings can be huge - easily worth the penalty - and even if you go variable your payments are already set up to cover rate hikes.

03-01-2005, 01:09 PM	#6
Bend it like Bourgeois Franchise Player Join Date: Oct 2001 Exp:	I tried to get a few banks to pay the penalty a few years back, and none would. That may have changed - or I may not have asked the right banks. If you're looking to save money overall, not lower your payments, take the same payment you have now and plug it into a variable mortgage or even a fixed mortgage at a lower rate and see what the amortization changes to. I found that the easiest way to do the math. The interest savings can be huge - easily worth the penalty - and even if you go variable your payments are already set up to cover rate hikes.