Wait what? If you've already signed into a 40 or 35 years you don't have to refinance...you are grandfathered in. You'll just renew as usual as if you had a 25 year mortgage originally, you just won't be able to refinance in the future to the same level.
Right now i renew mortgages that have 37 year amorts left; Clients don't have to refinance.
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