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Ed Pawlowski[_3_]

On 3/2/2021 12:50 AM, 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.

Maybe. I refinanced a couple of times years ago. The original mortgage
had no penalty after 1 year. There were some closing costs but the
payback was very quick on that too.

That was 1981 when I relocated and was fortunate to get a low 15%
compared to others paying 18%.