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#2065936 - 02/25/16 02:30 AM Increase of interest rate at renewal
Caroline Compliance Offline
100 Club
Joined: May 2015
Posts: 127
Anyone have any thoughts, comments or legal opinions they can pass along regarding our ability to change rate/terms at the time of renewal for a balloon mortgage? I can't find anything that says we can;t, if it's a true renewal. Say I've got a 4.00% on a 5yr balloon, and we are going to renew at 5.00% on a 3yr ballloon. Anything out there say that we can't do that on a renewal?? After all, eventually rates are going to start going up!!

And any thoughts about needing to follow any sort of rate sheet for renewals? Certainly we have one for new money but what is everyone else doing for renewals?

Thanks

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#2067126 - 03/02/16 06:11 PM Re: Increase of interest rate at renewal Caroline Compliance
DeeGail Offline
New Poster
Joined: Apr 2015
Posts: 8
Also interested in any replies, Are you charging a fee to renew?

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#2067575 - 03/04/16 05:27 PM Re: Increase of interest rate at renewal Caroline Compliance
Caroline Compliance Offline
100 Club
Joined: May 2015
Posts: 127
No. Just doing a new note and indicating it's a renewal of a previous note and not replacing the original obligation.

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