We got a letter from the bank about our mortgage payment yesterday. They have reduced our monthly payment by $33. It says that each year they review loans to see if payments need to increase, decrease or stay the same. In 30 years of having various mortgages I’ve never had a letter like that before!
DH spent 20 years working in banking. He said they are worried we are increasing payments and will pay it out early so this is a recalculation to encourage us to pay less. Of course we won’t reduce our payments, in fact I’ll keep trying to increase them and this reduction just means more goes off the principal each month.
In an interesting twist, our tenant has up and vacated over the weekend after initially protesting that they would be unable to move out when the lease was up at the end of the month. Its all very odd! They have paid up to date but said they didn’t have time to clean thoroughly. The agent is inspecting today and fingers crossed theres no damage. If its not properly cleaned it will come out of the bond.
When we lease it are planning to increase the rent by $20/week so that is an additional $1000 income each year from this IP. Can’t wait to get the keys and have a look inside again!
