Comment by sokka_h2otribe
Comment by sokka_h2otribe 2 days ago
Refinancing and loans work differently outside of the U.S. what I don't remember is exactly how. If I recall, you can't refinance without paying
Comment by sokka_h2otribe 2 days ago
Refinancing and loans work differently outside of the U.S. what I don't remember is exactly how. If I recall, you can't refinance without paying
Prepayment penalties are illegal for the vast majority of loans that consumers can get in the US, which makes it a no-brainer to refinance any time the payment saving exceeds the cost of writing a new loan.
The Trump admin has floated the idea of allowing prepayment penalties in home mortgages, BTW.
Crap, I was wrong. Bill Ackman is trying to convince Bessent to do it. So while it may happen, it isn’t coming from inside the admin.
One argument is that it could allow for lower rates, BTW. (This is true, it very well could).
And also, if it happened it would be for newly issued mortgages. Existing mortgages have language in the contract that you couldn’t just unilaterally change
Well, you can go to another bank so that they can cover your mortgage and open a new one with new rates/conditions.
That you can do anywhere as long as you have a collateral/guarantor.