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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: tradermike_1999 who started this subject5/13/2003 7:35:10 PM
From: smolejv@gmx.net  Read Replies (4) of 74559
 
Here's a question for the thread - as far as I understand odd bits and pieces, in US any J6P and his grandmother are allowed to refinance their mortgage any time they feel like without incurring anything but nominal fees. If this is so, there must be an awsome amount of offsetting interest swaps accumulating somewhere. Or is it still J6P who's still footing the bill?

In Germany refinancing a mortgage before the end of the period means paying for the lost cash flow (ie for the difference) - which sort of makes sense to me. That you can say "No, thank you for 5.65 I had so far with X, I'll take 5.48 by Y starting Monday" without incurring any real right-now costs looks like a (little, ie consumer-level or gigantic, ie economy-level) con game to me.

Thanks in advance.

DJ
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