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SVTPerformance's Chain of Restaurants
Road Side Pub
Real-Estate Bubble Popping?
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<blockquote data-quote="olympic" data-source="post: 16797485" data-attributes="member: 168598"><p>I've never had a mortgage so I can't speak to the finer details but yes, we have to renegotiate the interest rate typically every 5 years. Your monthly payment will go up or down depending on the new interest rate. I don't think there are any fees involved, maybe if you want to change lenders. </p><p></p><p>I'm just old enough to remember plenty of people losing their homes, cars, farms, etc in the early 80's when interest rates spiked. Not much you can do except walk away when your payment doubles or more overnight.</p></blockquote><p></p>
[QUOTE="olympic, post: 16797485, member: 168598"] I've never had a mortgage so I can't speak to the finer details but yes, we have to renegotiate the interest rate typically every 5 years. Your monthly payment will go up or down depending on the new interest rate. I don't think there are any fees involved, maybe if you want to change lenders. I'm just old enough to remember plenty of people losing their homes, cars, farms, etc in the early 80's when interest rates spiked. Not much you can do except walk away when your payment doubles or more overnight. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Real-Estate Bubble Popping?
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