Quote:
Originally Posted by Rathji
I doubt it.
AKAIK you are taking out a new mortgage , as opposed to renewing the old one.
|
As long as you aren't adding funds to your mortgage, you will keep the same terms you had. Only the interest rate will change.
For people that had 40 year mortgages, that is what they signed for so unless you want to change it, the bank won't. There are still tons and tons of people that have 40 year mortgages.
As for rates, defintiely shop around. A letter does get sent out usually a month before but they are just the posted rates, as it's been mentioned. And yes there are quite a few people that just sign the form checking off how many years and are done with it. If you call your bank you will always get a discount, the more you have with them, the better they will do on rates.