'Easy Orange' mortgage
Has anyone done one of these loans or looked into it?
I've been looking around at options for refinancing our current 6.125 mortgage, and was curious about this one. Here's the description from the site:
"Easy Orange is a 5 year fixed rate principal & interest payment mortgage based on a 30 year pay back period. At the end of the fixed rate period, your remaining balance will be due, but we offer Rate Renew, which is an opportunity to relock your loan before it's due into our best Easy Orange rate at that time for another 5 years."
I realize that one drawback is that the rate can change every five years. The advantage is that the fees are lower than those of B&M banks -- and particularly, no points for this rate. From what I understand, if you take out this loan, say, in May of this year, in December, you could extend it for another five years at the lowest rate available at that time. So you'd be set for 10 years.
Am I missing anything?
Here is a link that might be useful: Easy Orange mortgage