youbet
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Well, doesn't that lady on TV have the same option?
Dunnoo...... Didn't see the lady on TV. And doubt if they gave details about her ability to pay off the house, sell and downsize, or whatever. But, in your case, you gave details. You said you could simply pay it off and wanted to know "So, if I don't like the increase, can I stick with my 5%?" And I still say, go study the new rules and get ready to negotiate. No sense getting left out if you want to keep the 5% money.
I was simply trying to comment on your question, not editorialize on the whole proposed bailout program.
In the future, I would like to see a set of rules laid out for mortgage brokers similar to the rules laid out for stock brokers. If a stock broker recommends an investment clearly inappropriate for your circumstances, they can get their hand slapped. A similar set of rules for mortgage brokers would be appropriate.
In the meantime, I'm trying to determine if there is some angle I can benefit from. My house has been paid off for years. Son and DIL are several years into an attractive 15 yr fixed. Doesn't look like the family can benefit from the bailout aspect........ Maybe housing prices will dip enough I can finally afford that second home on a lake "up nort" and pay cash?
Anyone have any clues? Could there be a pony under that pile of manure for financially ultra-conservative, no-debt types with cash available?
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