Week E Cue Cards

Question	Answer
The lender can call the loan at the end of any term, technically. T/F	True
Why would a lender call a loan before amortization?	You are inconsistent with payments or national financial crisis when the bank needs money.
What are the Three (+1) R's for Renewal?	Retire: Pay it all off Renew: Keep going Refinance: Shop, new rate etc. Transfer: Switch to new lender without discharging mortgage
You always have to pay for a renewal fee	False. If you have been paying faithfully, you don't have to pay. Fight it. - Jane Londerville
Why would someone renew early? Why would the lender be down?	Capture lower interest rates. Increase duration of owing the bank = more money for them.

Resource summary

	Created by dylan_earl over 9 years ago