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!