Quote:
Originally Posted by Sylvanfan
My death mortgage is up for renewal in August, I wonder if these low rates can hold out till than. Even with only 6 months to go my payout penalty is astronomical. I just don't think saving 1.25% for the next 6 months is going to equal 16 grand out of pocket today. I know the first thing I'll be after is a mortgage I can GTF out of without hanging myself.
In a prime example of stupid people doing stupid things and being idiots with their money and putting themselves in situations where they are perpetually poor due to their own doing......I will be renewing my mortgage with my wife on Mat leave having to use a lower income figure. As a result I'll likely get bent over again as most lenders will want to avoid me.
My life lessons for people in dealing with real estate....Don't own pets, and don't have kids. You will have a lot more flexibility. It should help you avoid the stupid decisions with mortgages and real estate that I have made. I got the ever living shat kicked out of me by this last mortgage to the point where renting would have been a better option...but thanks to kids and pets....it really wasn't an option.
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First -- there is rate protection for up to 6 months (180 days) at a slightly higher rate today = 3.14%. Keep in mind this is worse case. Then when you get close to the 4 months (120 days) to renewal, you will get a significant discount to 2.89% and this gives you great protection once again.
Second -- if you wife is on maternity, there are lenders that will still use her full income for qualifying (if it is needed). All that is needed is a letter of employment indicating maternity leave and approximate return date to work. So the question is, will she be returning to work?
Third -- I doubt the numbers make sense to pay the penalty to lower your monthly payments. Hang in there...