7 year fixed mortgage? Do you pay off in 7 years or does the rate readjust? | Hacker News

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		thebigspacefuck on Aug 13, 2022 \| parent \| context \| favorite \| on: Ask HN: Anyone else feels the commoditization of r... 7 year fixed mortgage? Do you pay off in 7 years or does the rate readjust?

nrmitchi on Aug 13, 2022 [–]

The loans are fairly close to an ARM in the US, and they're amortized on (typically) 25yr. They also tend to have prepayment penalties, which the US does not have for residential mortgages anymore.

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