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I'm looking for a 5 year fixed mortgage. Ever come across one of these? Most are ARM 5/1 or 15-30 year fixed terms. I just want to pay off a mortgage in 5 years.
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Re: Any finance folks out there?
Why not go with a fixed 15 year with no prepayment penalty? That way you can make prepayments towards your principle at any time. No penalties for paying it off early.
Also, you might want to consider going with a 15 year interest only, where the interest rate is locked for 5 years, of course as long is there is no prepayment penalty. That way, you can pad your payments, and it will all go towards principle.
Call up a lender. It cant hurt. -
Re: Any finance folks out there?
I've tried all the local banks. No one offers a 5 year. I'm already 7 years into a 15 year term. Just looking to pay my loan off a wee bit quicker! Any extra payments into my current loan don't seem to make a dent in the overall term at this stage.Comment
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Re: Any finance folks out there?
That's what I'm saying, refinanace and do an interest only for 15 years, without a prepayment penalty, and pay it off early. This way, you can pad your payments, and everything you pay above and beyond your monthly payment goes to principal. I doubt you'll find a 5 year interest only loan.Comment
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Re: Any finance folks out there?
Gotcha. Thanks!Comment
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