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