My wife and i still got about 10 months till we renew but were feeling a little anxious due to the intreset rates. Were currently at 2.99 and our mortgage broker said the rates are around 4.5-4.6. Our mortgage was 700,000 and our payment was around 1500 biweekly. He said if we were to sign today our payment would be around the same but only if we increase our amortization period to 25 years from 18 years. We have been agressively paying the mortgage down, in 4 years our amortization went from 30 years to 18 years.... and our mortgage went from 700,000 to currently 548,000. Which were really proud of but now we feel like maybe it was for nothing because weve just lost 6ish years of payments... we work really hard to pay it off and now feel like we have had a huge step back.
Unfortunatly lowering our amortization down to where it currently is, is just far to expensive monthly. Does anybody have any imput or been through something like this. Perhaps theres something im missing?