On Tue, 02 Mar 2021 00:50:55 -0500, wrote:

On Mon, 1 Mar 2021 23:07:18 -0500, Ralph Mowery
wrote:

In article ,
says...

On the other hand, those who got variable rates in 1992 when they
were starting at 9.25%, made out quite well as they quickly dropped
to 7 and later 5%.



When the rates drop one can usually negociate for the lower rates even
on fixed rates, or go to another bank (lender).


You'd need to buy your way out of the mortgage - the penalty
is usually the interest they are losing plus a fee for the
trouble.
John T.
There is the VERY RARE occaision where you can have the new financier
pay the penalty to get your business and you can end up coming out
ahead. It usually involves debt consolodation where you refinance for
a higher amount and you are moving from floating rate to conventional
fixed rate so all 3 parties are in on the same gamble.
Otherwize there has to be a significant rate difference