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 sjonsie47
Joined: 30 Oct 2009
Posts: 1
1.25 Dollars($)
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 Posted: Sat Oct 31, 2009 4:29 am Post subject: I have 178,000 mortgage if i put 150,000 towards the princip |
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| reduce my monthly mortgage |
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sonjakracine
Joined: 24 Oct 2007
Posts: 73
Location: Lafayette,IN
14.50 Dollars($)
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| Posted: Mon Nov 02, 2009 7:55 am Post subject: |
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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
Home Mortgage Consultant
www.wfhm.com/loans/sonja-racine |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Mon Nov 02, 2009 9:02 am Post subject: Pay Down |
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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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