Hello
I searched through the forums, but could not find an answer to the following...
If I were to go with a 40 yr Amortization on a property with a 5 yr fixed rate, would I be able to change the amortization period later on without penalty after my 5yr fixed rate expired and was up for renewal?
ie: Select 40yr Amortization now to keep costs low...In 5 yrs I decide that I want to pay off the mortgage sooner, so I want to change the Amortization to 25yrs and pay more per month...Would this be possible without penalty assuming my 5yr rate had expired?
NOTE: I am aware of my options to pay down the mortgage depending on my terms (ie: 20% pay down per year)
Thank you,
I searched through the forums, but could not find an answer to the following...
If I were to go with a 40 yr Amortization on a property with a 5 yr fixed rate, would I be able to change the amortization period later on without penalty after my 5yr fixed rate expired and was up for renewal?
ie: Select 40yr Amortization now to keep costs low...In 5 yrs I decide that I want to pay off the mortgage sooner, so I want to change the Amortization to 25yrs and pay more per month...Would this be possible without penalty assuming my 5yr rate had expired?
NOTE: I am aware of my options to pay down the mortgage depending on my terms (ie: 20% pay down per year)
Thank you,