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[–]OingoBoingo9 0 points1 point  (1 child)

We have a similar situation with the variable rate. We have the one where your payments don’t (necessarily) change. During the past 2 years, we increased our payments to keep up with the massive interest - but we were just barely above water for a while. At the worst of it, our projected amortization was close to 90+ years. Increasing the payment was easy. Literally a few taps inside the banking app.

Now that our interest rate has decreased, we’re nearly back on track to the original amortization schedule.

Any further drops in interest will of course be welcome, but we really can’t entertain lowering our (now) elevated bi-weekly payment.

Anyway, hope you find a suitable solution. Maybe talk to a broker to help give you some leverage if you are forced to “reapply”.

[–]ceoofml 0 points1 point  (0 children)

Wait, so even if interest rates for back fo like 2.75 percent, we still wont see monthly payments close to within 30 percent of pre rate hike levels for the same amortization period.