Quote:
Originally Posted by AFireInside
Not everyone is up for renewal next year, but a large number of people bought in 2006 and 2007 (the peak for sales), with a large number of these signing their mortgage for 5 years, they will be up for renewal starting next year through 2012.
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Which will actually be good for them. Rates are far lower right now and likely still will be in a year than they were in 2006 and 2007.
When they renew chances are they will be renewing into a lower rate than they are in now. Which means their monthly mortgage commitment will be lower than it currently is.