And if we decide to go to a different finincial institution, how does that work?Can we renegotiate the terms of our mortgage before it comes up for renewel?
You can change the terms of a mortgage by refinancing.
You can also refinance with any lender.
Normally, you will just apply with any lender that you will like or whoever provides the best service and pricing.
You can refinance before the ARM adjusts....or afterCan we renegotiate the terms of our mortgage before it comes up for renewel?
Yes, you can negotiate terms before maturity and you probably should. If you decide to go with another lender, that lender will take care of paying off the first lender. Just call around and get rates and terms.
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