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What happends with the rate after the term ends

 
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Asked by
Buford


Hello! What happends with the rate after the term ends?
0     In Mortgage Cont.16

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    Q. What happens when my mortgage rate term ends?


    When you mortgage term end you don`t have any commitment from the bank about the mortgage rate and your rate is variable open. You can shop around for the best mortgage deal for you and if its not in the same bank you can move the mortgage.

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    Q. What happens when mortgage term ends?


    You can leave the bank or get another fixed rate mortgage. When the term is up you are free to do what ever you want and I until you make the decision the bank will have your mortgage at variable open rate.

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    Q. Can i break my mortgage before my term ends?


    If you have an open mortgage there are no penalties involved with breaking it or paying it down quicker. If you have a closed mortgage you will have to pay a penalty to break it and you can only pay it down as quickly as the mortgage agreement allows. Rob.

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