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  1. Terry_w

    Taking a $16k hit - breaking fixed rate loan. Negotiation/anything I can gain?

    And this wasn't even deductible! Wow, how painful, but just think how much you are going to save from now on. This should ease the pain
  2. Terry_w

    Taking a $16k hit - breaking fixed rate loan. Negotiation/anything I can gain?

    From memory the rate is 8% or there abouts - unlikely rates will ever approach it during the next few years.
  3. Terry_w

    Taking a $16k hit - breaking fixed rate loan. Negotiation/anything I can gain?

    It doesn't hurt to ask. They may give you a discount off the interest rate and/or cut a bit off the break fee - I have never heard of a bank waiving or reducing a break fee though. $1k ain't much but it all helps.
  4. Terry_w

    Taking a $16k hit - breaking fixed rate loan. Negotiation/anything I can gain?

    2 possible things. 1. Rent the house out before you break. Speak to your tax advisor about whether this would mean you could claim the break fee. 2. Take the opportunity to move to another lender that is offering a rebate for moving over. There are a few offering $1000 plus at the moment.
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