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I have been in the same house for 20 years. Bought it 14 years ago. My mortgage has gone from 7% to 11% and my payment has gone from $770 to $1622. Before my adjustable rate interest loan started to adjust we refinanced with the same company (HSBC) they told me it was a 2 yr fixed , but they didn't tell me there was a 5 yr pre payment penality - the previous loan was 2 yr fixed and 2 yr prepayment penalty. Long story short - when we did get rid of HSBC we were behind - had to pay prepayment penality, plus fees.
By Joe
