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Interest rates
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Posted 7/30/2020 08:04 (#8404402 - in reply to #8404314)
Subject: RE: Interest rates

Southwest Illinois
thunderhut - 7/30/2020 06:29

I tried to lock it in now, but have to wait. It’s a 7/23 mortgage. Interest rate will adjust automatically and be fixed for the last 23 years.

What kind of loan is it? I assume it started as a 30 year loan. Never heard of a loan that will automatically adjust to a fixed 23 year term. Is there a prepayment clause that will not allow you to refinance at another bank? Sounds like the bank is giving you the runaround.
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