Quote:
Originally Posted by rotten42
I like seeing this rate go down. I'm in a locked rate at 2.09% that comes due next October. I'm hoping to avoid all the pain of the rates over the last couple of years.
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People always talk about the rate. But amortization and outstanding balance are huge factors too.
Buddy of mine who has 5 years left...the rate increase for him is not that bad as he's in the stage where a lot of the payment is against Principal. 6% vs 2% doesn't move his payment all that much. If you have a high ratio 500k mortgage with 20 years left, it's going to hurt.