Flashcards
Week E Cue Cards
Cards in this deck (5)
- 1The lender can call the loan at the end of any term, technically. T/FTrue
- 2Why would a lender call a loan before amortization?You are inconsistent with payments or national financial crisis when the bank needs money.
- 3What are the Three (+1) R's for Renewal?Retire: Pay it all off
Renew: Keep going
Refinance: Shop, new rate etc.
Transfer: Switch to new lender without discharging mortgage - 4You always have to pay for a renewal feeFalse.
If you have been paying faithfully, you don't have to pay.
Fight it.
- Jane Londerville - 5Why would someone renew early? Why would the lender be down?Capture lower interest rates.
Increase duration of owing the bank = more money for them.