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I have 178,000 mortgage if i put 150,000 towards the principal can i lesson my monthly payment

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sjonsie47 Joined: 30 Oct 2009 Posts: 1 1.25 Dollars($)	Posted: Sat Oct 31, 2009 4:29 am    Post subject: I have 178,000 mortgage if i put 150,000 towards the princip Like 0 Dislike 0 reduce my monthly mortgage
sonjakracine Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)	Posted: Mon Nov 02, 2009 7:55 am    Post subject: Like 0 Dislike 0 The only way to reduce your payment is to refinance. Your monies would go to reducing your principal but the payments would remain the same.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Mon Nov 02, 2009 9:02 am    Post subject: Pay Down Like 0 Dislike 0 If you have a fixed rate mortgage, the payments will remain the same. The term will be reduced. This was noted above and that the only way to reduce your monthly payment would be to refinance. There is another way to reduce your monthly payment, however, it can only be done if your present mortgage holder agrees to do it---ask them if they will modify your loan to the new payment based on the same rate and the number of months remaining in the term. Some lenders will modify a loan and many will not. All you can do is ask them. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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