I've never heard of being charged an up-front fee of $35,000 in order to refinance. When you refinance, you're either denied or approved.

Unless you have to bring money to the closing table, no additional fee should be imposed. Besides closing costs, of course.

its pretty common in australia, at least for fixed mortgages. they will screw every last cent out of you for the money they will lose when you refinance at a (much) lower interest rate. like i said, its my own fault for listening to my broker instead of going with what i thought best, but im still gonna blame the bastard bank coz well, they're bastards!

haha, thanks sushi! i don't spose you'd fall for the "rightyo, you buy this round. it comes to $35K"?

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quote:

Originally posted by pkcRAISTLIN haha, thanks sushi! i don't spose you'd fall for the "rightyo, you buy this round. it comes to $35K"?

Yeah, maybe if I'd just drank a few grand worth of drinks myself.

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oh shit, yeah, unless the mtg was in one of those sub-prime type of securitized vehicles at an exceptionally low rate and high amortization or term and the $35K would be the breakage penalty. LOL...er...I mean sorry to hear that dude

What the hell?! Seriously?!

That's the stupidest shit ever. So not only are you paying the interest on the principal, but they want you to pay a huge lump sum as well? Ffs, it's not like fixed-rate mortgages are a luxury. All mortgages should be fixed unless you ABSOLUTELY know you're gonna be leaving the home in a couple of years. And even then it's risky if you're in a declining market.

Man, Steve Irwin never wanted it like this.

yep, sucks to be me!!

does anyone know if the interest charged on lines of credit (against equity) can be claimed on tax? i mean, if you're using that to pay criminal exit fees?

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In America, you can write off mortgage interest, and maybe even the amount of annual mortgage payments, up to a certain amount of course.

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you can only claim interest on investment properties in australia.

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Well, in the United States, the interest on a home-equity loan is tax-deductible.

Not sure how Australia has it set up, but I would assume it's the same.

quote:

Originally posted by Krypton In America, you can write off mortgage interest, and maybe even the amount of annual mortgage payments, up to a certain amount of course.

lol he was asking about LOC interest, silly...i'm sure he knew about mtg interest. I think personal LOC ur fuxxored, PKC...only businesses can write that shit off (unless it's a sole proprietorship)

fucking hell. im being fucked from every angle today :/

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quote:

Originally posted by pkcRAISTLIN fucking hell. im being fucked from every angle today :/

Come get fucked in supcom...

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