mortgage renewal ?'s .....

[Shenjall]

I'm up for my first mortgage renewal in 3 months. Any ideas on how they calculate my new payments? Do they use whats left in my amortization time period and whats left of my mortgage amount? Or do they do something else strange?
I've been playing with those "calculators" online and cant quite fiqure it out. My banks website has noooo info either. I hate calling 'cause they make you jump thru hoops and donate your first born before they answer any questions. (which I realize is for safety but come on, they wont even answer a general question w/o all of your info first...)

So, any experienced mama's out there that can enlighten me?

[Amys1st]

What kind of loan do you have- an ARM or Ballon or fixed etc??

[shelbean91]

We have an ARM and it's specified in the paperwork that it's calculated a certain way- the treasury bill plus a certain percentage.

[Shenjall]

oy, I'm even more confused now! :LOL

We have a 25 yr amortization with a 5 year term thats up in jan. Our term was on "fixed". we got a good rate 5 years ago - funny, its gone down a percent since then. anyhoo, heres the calculator that I was using.

But I'm not getting a new mortgage, I'm just renewing (why dont they have calculators for that? :LOL ) for another term at a lower interest rate. I was just wondering how I would figure out my payments.
Clear as mud? :LOL

[Amys1st]

Oh its canadian- done differently there than here. But can you refinance since its gone down- get a fixed. We had an arm as our fist mortgage but refinanced 4 yrs later since rates went down so much.

[Shenjall]

To get your interest rate here, you pick a term (6mths; 1 yr; 4yr; 5yr). The shorter the term, the lower the rate. When we originally got the mortgage the rate was 7% but I talked them down to 5.49. Which was awesome back then! Then I went with a fixed term so my rate would always be at 5.49 for 5 years. If I went with variable, it would change with the rates but never above a certain %.

So, its been 5 years into my amortization - time to renew the mortgage. I guess you could say its like refinancing without any penalties. Since I've made extra payments I have 17 yrs left (instead of 20) and the rate is now at 4.74% so how the heck do I figure out my new payments?

Original mortgage amount @ new rate?
New mortgage amount @ new rate?
How many years amortization is it based on?

I know I could just wait until january and ask them, but I dont trust banks (gave me a huge runaround and tried to gyp me of $2000 with first house. my lawyer found the error and stopped everything at the final hour and made them fix it , they wouldnt at first : ).
So, I'm just trying to find out as much as possible before then.

Thanks for trying!

[shelbean91]

Originally Posted by Shenjall

New mortgage amount @ new rate?

This is my guess, but it's honestly just a guess. Logically, your new payments would be your new amt at the new rate, but banks don't always work logically!! :LOL

I hope you can get an answer. Maybe call the bank anonymously?

[Shenjall]

I wish I could just call the bank. I've tried in the past for general questions and no one would talk to me unless I verified my first born's blood type. (kidding :LOL )

Thanks for trying ladies! I guess I just have to phone. Sigh. I hate them. But I love my home so it all works out in the end.

[TiredX2]

You might get better answers if you asked on the Canada Tribal thread--- at least the people there would know about Canadian morgages.

Good luck!

[Shenjall]

I never thought of that. Thank you!