Quote:
Originally Posted by Slava
Usually the penalties to drop the mortgage are either 3 months interest or the interest rate differential. Its worth taking a look though....given that the rates are at historical lows!
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Here's what I'm thinking of doing. Worth a try?
Book an appointment with my bank manager (who I don't have the mortgage with).
Walk in: "I need a mortgage"
Him: Sure, how much?
Me: X $ (about 25% to pay on my house)
Him (after a while doing the assessment which will be fine). Looks good.
Discuss new rate and term.
Me: So how much interest would I pay?
Him: X no. of dollars.
Me: ok, I just need to get out of this mortgage which will cost me y no. of dollars.
How about you pay y (penalty) for me. You get a mortgage from me and still make money (x-y) from me. Everyone wins.
Would it work? Nothing to lose?
Him