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Posted by James [Email] (more from James) on Fri, 27 Jan 2012 05:47:38 Share Post by Email
In Reply to: Not the same Tim as before, Tim, Fri, 27 Jan 2012 00:25:47
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holy smokes, that is nuts! in Canada, when refinancing, the bank charges a penalty associated with the interest they would have made on the remaining term. That's it. No appraisals, taxes, lawyers' fees, etc... closing costs only occur when you buy a house, not refinancing (ok maybe an appraisal if you were asking for more money or something)...

An equivalent approach (when staying with the same lender) is to blend the new rate + extend the term with that blended rate... ie if you were 3 years into a 5 year at 5% + a current 5 year was 3%, you'd end up with a new 5 year at something like 3.5% (or whatever) with no one time fee (the fee is the blending)... basically drops your rate, which I assume was the objective here... the alternative is to drop the old mortgage at 3 years, pay the penalty (typically thousands) and start a new 5 year at 3%... usually there is no difference in total cost, but the latter is required if one changes lenders...

you don't do that stuff in the USA? sounds crazy! (and no wonder the long terms if you have to pay taxes again at the end of each term?!?)

James...

posted by 216.59.22...

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