Mortgage rates/terms/Brokers question

[KappaSigma]

Any people or brokers know of any institute willing to pay a mortgage breakage penalty to get me into a new mortgage? Basically I get a lower rate and they pay about few Gs for penalties but in the end they make double digit interest off me for 5 years (minimumbased on 5 year fixed rate)?

[pizdets17]

in this market I doubt it.

[CapnCrunch]

Originally posted by KappaSigma
Any people or brokers know of any institute willing to pay a mortgage breakage penalty to get me into a new mortgage? Basically I get a lower rate and they pay about few Gs for penalties but in the end they make double digit interest off me for 5 years (minimumbased on 5 year fixed rate)?

Double digit interest on a mortgage?

You shouldn't be allowed to make financial decisions for yourself. Ask your mom what to do. :banghead:

[tpurcell4]

Originally posted by KappaSigma
Any people or brokers know of any institute willing to pay a mortgage breakage penalty to get me into a new mortgage? Basically I get a lower rate and they pay about few Gs for penalties but in the end they make double digit interest off me for 5 years (minimumbased on 5 year fixed rate)?

You're best chance at getting this done would be looking at a cash back mortgage, where the the lender will give you up to 5.5% cash back to be used however you want to, at an interest rate of roughly 5% +/- depending on the lender. Or 1-3% cash back for lower rates.

Cheers,

Todd