Is the Gain Worth the Pain?
With interest rates at their lowest in years, it’s perhaps time to at least ask the question: should I be renegotiating my mortgage?
Regnegotiating may not be for everybody. Lenders charge a penalty — sometimes a substantial one — for breaking a contract prior to maturity. The trick is to calculate whether the savings outweigh the penalty. Whatever, it doesn’t hurt to talk to your lender about what your new payments would be.
And you won’t be the first to have asked the question.
Find out the following:
–Your current balance, interest rate, and term
–How much the process is going to cost you
–How the penalty is calculated
–Something of what the competetion is offering
Give it a try. Nothing ventured, nothing gained. The worst that can happen is that you find you’re better to stick with your present terms. Get in touch if you need some suggestions as to who to talk to about it all.
Add comment August 9th, 2007
