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gagirl
Guest
0.10 Dollars($)
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Post subject: Extra Payments to pay off mortgage early |
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| If I have a 169,00.00 30 year mortgage, wanted to pay it off in 15-20 years early, how much would I have to pay extra per year for this to happen? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Post subject: |
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Hi gagirl!
Welcome to forums!
You have mentioned that your loan amount is 169,00.00. You haven't mentioned the interest rate. Suppose, your interest rate is 5.5% and you will have to pay it off in 30 years. In that case your payment will be $ 959.56.
Now other things being the same, you want to pay off your mortgage in 15 years. So your monthly payment will increase to $ 1380.87. Thus, you will have to pay $421 extra towards your mortgage. If you wish, you can use the given link to calculate the payments yourself:
http://www.mortgagefit.com/calculators/simple.html
Sussane |
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Natasha
Guest
0.10 Dollars($)
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Post subject: Financing a condo in litigation |
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| Does anyone know which banks would finance a mortgage for a condo in litigation? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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not quite sure what you mean, natasha.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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texmets
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0.10 Dollars($)
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Post subject: Closing Costs |
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| Do I need to pay the closing costs with cash or can they be part of the mortgage? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi texmets,
You can definitely pay the closing costs with cash. Moreover, it is always better to pay the closing costs upfront rather than wrap them into the mortgage. |
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anonymous23
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0.10 Dollars($)
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Post subject: refinance 4 1 disabled spouse & 1 recently unemployed sp |
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| are there any programs specifically for this situation. my husband is disabled drawing SS and I am just recently unemployed drawing umployment. we can still pay our mortgage, but would like to refinance to pay off some debt and lower payments if possible. live in Kentucky. what do you suggest. Want to keep house. Have owned for 9 yrs. never late. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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anonymous you ought to bring this subject up with your current mortgage holder, as you may qualify for a modification or something like that. your unemployment status is going to hurt your qualifications for a new loan with any other lender. if your husband's SS income is sufficient to allow you to qualify, then you can shop around; but lenders won't give you credit for the unemployment compensation.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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fxray
Guest
0.10 Dollars($)
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Post subject: Principal reduction programs for medical hardshp |
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| We currently have a fixed rate which will reset in 2011. We managed to make extra principal payments to reduce our mortgage balance to $415k prior to my forced retirement. My loan is insured by Freddie Mac but my current lender is offering a re-fi only. Are there any principal reduction programs available? |
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Joni Walker
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0.10 Dollars($)
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Post subject: Should I re-finance |
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| I currently have 10 years lefted on a 15 year mortage at 5.37 interest rate,including APR. I want to do some home improvements, I live in Texas so there is no home equity loans. I owe approximately 97, 500.00, should I refinance or just pay off the existing loan. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To fxray!
If you are refinancing the loan, then I doubt whether the lender would offer you any principal reduction. However, if you are in hardship and have applied for the Hope for Homeowner, then you can get a principal reduction.
To Joni,
If there is equity in the property, then you can refinance the loan. This will also help you in getting some cash to do some home improvement.
Sussane |
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amyt
Guest
0.10 Dollars($)
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Post subject: Should I Refinance Now? |
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| I owe $286K on my 30 year fixed loan of $390K. I put $100K down in cash last year. My rate is 5.625, but I'd like to take advantage of lower rates. Is now a good time to refinance. I have no other debt other than my mortgage. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi amyt,
Rates are quite low now a days. If your property has equity and if you have a good credit score and income, you can definitely take advantage of the lower rates. But you will have to pay the closing costs while refinancing. However, you should refinance only if you decide to stay in the property for quite some time.
_________________
Procrastination is the enemy of your financial success |
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Sundance4488
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0.10 Dollars($)
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Post subject: refinancing |
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| I am working w/ my bank to refinance. Original yr 30 loan of $168,000 at 5.875% taken out in 2002. New loan 4.75% 30 year but my loan balance will go from a payoff of $147K to $154K (discount $1,348, closing costs of $3,200 and approx. $3,000 in prepaids). Monthly payments reduced by $180. Didn't expect loan balance to increase by $7K. Looking for help to determine if this refinance makes sense. Bank rep. originally told me costs would only be $3,700...not $7,000. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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$3000 of your $7000 is prepaids - that's not really "costs" based on the definitions. i understand your concern, but you'll be reaping the benefit of whatever is in your current escrow account, coming back to you. that will be in the form of a credit towards your payoff balance or a check to be sent to you later.
savings of $180 per month isn't bad. it's your call, obviously; but i think those prepaids have skewed your outlook.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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