The Knitting Fiend

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Mortgages. Any of you have a mortgage? If so, has this happened to any of you? Mortgage brokers have been sending Jim and me “offers”. They seem to be interested in hawking remortgages — or at least a form of a remortgage.

Believe it or not, these letters we fork over $300 bucks to switch from our regular monthly payments to paying every two weeks. And, as a special bonus, they offered to charge us 75 cents every time we make a payment!

Ok, so why did they suggest this deal? Easy!

Mortgage brokers would obviously like the $300 and the feds. But even more importantly, interest rates have risen recently. Remortgages make them money because if they get your money back more quickly, they can lend out at a higher interest rate! Meanwhile, Jim and I looked at the interest rates we are getting from CD’s and the rate of return in the stock market. We concluded we were better off avoiding this sort of deal.

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We turned it down.