Timeline for Mortgage change of terms (lower rate) increases payment amounts
Current License: CC BY-SA 3.0
4 events
| when toggle format | what | by | license | comment | |
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| Jul 20, 2016 at 2:22 | comment | added | Ben Miller | @JoeTaxpayer I think the OP would (did) still call it a 20 year mortgage, because if he got a 20 year mortgage in 2012, but arranged biweekly payments, it would be done in 2030 instead of 2032. | |
| Jul 20, 2016 at 0:04 | comment | added | JTP - Apologise to Monica♦ | @BenMiller - if one takes a 30 year mortgage, but bumps payment to biweekly, you get a new amortization. Say 24 years. Do you still call this a 30 year mortgage? Or is it a 24 yr biweekly? | |
| Jul 19, 2016 at 12:01 | comment | added | Ben Miller | I think that the reason the mortgage ends in 2030 instead of 2032 is that the biweekly payments end up paying off the loan 2 years early. | |
| Jul 19, 2016 at 11:03 | history | answered | mhoran_psprep | CC BY-SA 3.0 |