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Smarty
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 Posted: Fri Oct 13, 2006 12:59 am Post subject: mortgage renewal cost |
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my mortgage will have to be renewed in 2 years but I want to know what I can expect from the renewal. If we decide to switch financial institutions , will the new company charge us when we register this loan. Would the same bank charge us if we renew with them? If there are costs involved and rates between 1 year and 5 year mortgages don't differ much would it not be a good option to take long term loans so that they don't keep incurring costs each time they go for renewal.
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christine Jones
Guest
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| Posted: Fri Oct 13, 2006 1:13 am Post subject: will the new company charge us |
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| the new company will surely charge you. They may plan to include the fee within the loan offer or add it to you balance. Or else, the company can also add a certain percentage to your mortgage so that it covers the fee involved. |
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 sarah
Joined: 19 Mar 2006
Posts: 25
5.06 Dollars($)
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| Posted: Fri Oct 13, 2006 1:26 am Post subject: Would the same bank charge if loan is renewed with them? |
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Hi Smarty,
Welcome to the forums.
If you renew with the same bank, you will not have to pay fees as the lien is still attached to your property. Instead, if you pay the loan off before time or change the bank, only then the bank can charge you for deregistration of the lien.
Hope this information is going to help you
Thanks,
Sarah |
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olivia
Joined: 19 Mar 2006
Posts: 13
3.76 Dollars($)
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| Posted: Fri Oct 13, 2006 2:01 am Post subject: Renewal with a long term loan |
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Hi,
| Quote: | | If there are costs involved and rates between 1 year and 5 year mortgages don't differ much would it not be a good option to take long term loans. |
If you are renewing your mortgage with the same bank, then taking a short term or long term is not a matter to be concerned about. But yes, if you move from one bank to another with the renewal, then it will be a better option to go for long term loans. This will help you to avoid paying fees for renewal every time with a new bank. |
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