Hi everyone
We are in the middle of refinancing and I can ask my mortgage broker tomorrow but am just wondering...... (Not sure if most loans are similar in this regard or each loan would vary, but....)
We are borrowing 'x' amount. If over time we are able to make extra repayments, even the odd lump sum payment (for eg at tax time), can you generally re-amortise your loan at any time without penalty or is there usually restrictions and penalties associated with this - does anyone know??
if we did put in extra, our aim would be to re-amortise the loan and reduce re-payment amount over the life of the loan (ie decreasing payments from say $1200/m to $1100/m - or whatever) as opposed to keeping repayments at $1200/m but cutting off years from the end of the loan - if you know what I mean.
any ideas?
Ceebs