Quote:
Originally Posted by shane_c
Just curious what happens when it's time to renew the mortgage.
Our first 5 year term will be up next year sometime. Will we just get a letter in the mail to tell us our new payment? Do we get options as far as what term we want to do, variable or fixed, length, etc?
Do you have to go through qualifying again. In other words, they do another credit check, provide them with employment letters, bank account statements, etc?
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I've had mixed results. A couple of times I had to go in and tell them.
Other times they mailed me a package. You should go in and talk to
them about it, check out your options.
I had to show them I was still employed, still getting paid.
Also, if you have less than one year, you may want to see if you can
renew now. Some banks are offering 5 year fixed @ 4.19. They may
relent and take you for another 5, rather than risk you going elsewhere.
ers