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

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Icon Mini Profile sjonsie47




Joined: 30 Oct 2009

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PostPosted: Sat Oct 31, 2009 4:29 am    Post subject: I have 178,000 mortgage if i put 150,000 towards the princip

reduce my monthly mortgage
Icon Mini Profile sonjakracine




Joined: 24 Oct 2007

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Location: Lafayette,IN
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PostPosted: Mon Nov 02, 2009 7:55 am    Post subject:

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.
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Sonja Racine
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Icon Mini Profile jveenstra
jveenstra
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Joined: 10 Nov 2008

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Location: River Edge, New Jersey
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PostPosted: Mon Nov 02, 2009 9:02 am    Post subject: Pay Down

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.

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John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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