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re: Balloon mortgage vs fixed rate mortgage
Posted on 6/8/17 at 9:46 pm to hawkeye007
Posted on 6/8/17 at 9:46 pm to hawkeye007
I'm still having a hard time understanding why he didn't offer another balloon as an option upon renewal. Wouldn't it have been easier to renew or even extend the current loan? Then perhaps a $400 appraisal wouldn't have been necessary. And a lower rate probably. He is aware of my payment history of the current loan and I specifically told him I plan on completely paying off the remaining balance within 12-24 months.
I emailed him earlier today asking him the advantages of doing the 10 year fixed over another balloon and he just kind of skirted around the question. Planning on calling him tomorrow I guess unless I can better understand it tonight.
I emailed him earlier today asking him the advantages of doing the 10 year fixed over another balloon and he just kind of skirted around the question. Planning on calling him tomorrow I guess unless I can better understand it tonight.
Posted on 6/8/17 at 10:29 pm to CorkSoaker
He may have trepidation in placing you in the instrument for a number of reasons. He may know his company doesn't like them as a general rule. His products may not be as competitive as you might expect. Tons of reasons.
Which he should have no problem telling you in an up front manner about.
Which he should have no problem telling you in an up front manner about.
This post was edited on 6/8/17 at 10:30 pm
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