Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

Wookie · 02-13-2009, 10:51 PM

K, here's something I've been contemplating.

I thought about paying it out to try to get a better rate, but it doesn't seem worth it since I've got... maybe 3.5 approx years left with a rate of 5.82%.

However, I can pay down my mortgage by $50,000 each year without penalty. So, it suddenly occurred to me, "could I get $50,000 3/4 year mortgage to pay down a chunk of my current mortgage? Then in 2009 get another $50,000 and do it again with a 2 or 3 year, then again a year later on a one year term? I could (I think average out my rates to some substantially low rates.

Just occurred to me while I was swimming laps and my mind was wandering.

02-13-2009, 10:51 PM	#42
Wookie Chick Magnet Join Date: Oct 2001 Exp:	K, here's something I've been contemplating. I thought about paying it out to try to get a better rate, but it doesn't seem worth it since I've got... maybe 3.5 approx years left with a rate of 5.82%. However, I can pay down my mortgage by $50,000 each year without penalty. So, it suddenly occurred to me, "could I get $50,000 3/4 year mortgage to pay down a chunk of my current mortgage? Then in 2009 get another $50,000 and do it again with a 2 or 3 year, then again a year later on a one year term? I could (I think average out my rates to some substantially low rates. Just occurred to me while I was swimming laps and my mind was wandering.