Real Estate

Martin Maneuver Questions

  • Last Updated:
  • Jun 7th, 2021 11:14 pm
[OP]
Jr. Member
Feb 17, 2009
180 posts
26 upvotes

Martin Maneuver Questions

Hello,

We're in a situation currently where we are thinking about purchasing a new property, and selling our currently home but we currently still have 3 years left on our 5 year fixed rate mortgage at 3.35%.

The break penalty is roughly just under $20,000. I've asked about the Blend and Extend, and they are offering me a rate of 2.92% along with a $500 fee. I'm wondering for those who have done it, what do you look for to confirm that Martin Maneuver would work on the paperwork agreement? Ideally, I'd like to Blend and Extend, and then in the next month or so when we purchase a new home, I can shop for a new mortgage and pay the lower penalty to break. TIA.
2 replies
Sr. Member
Jun 18, 2020
672 posts
558 upvotes
Hard to say without seeing the contract. Look thru the big thread here on it, many of the ways the loophole was closed are explained.

Be aware though, some lenders closed it with specific discount rate strategies, seemed pretty tricky to work those out.

Normally I'd say worst case scenario is you just stay in the Bl and ex, but since you are buying, changes things.
Deal Addict
User avatar
Aug 5, 2003
2419 posts
368 upvotes
North York
Look at the new contract they send you, compare it to your current version. See if there are any changes, run the penalty calc's and see when it flips from the 3mo to the IRD. I read both side by side, they were the same other than the shitty quality, even the version codes on the lower left were the same.

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