Compare Mortgage Quotes

tomalynlawson · Joined: 24 Feb 2009 Posts: 1 1.34 Dollars($)

I tried to refinance and my credit is good but the appraisal of my house came in $13,000.00 less than a year ago. I now can't refinance but would love to cut my mortgage to 15 years instead of 30.

elnoralittle · Posted: Tue Feb 24, 2009 7:13 pm Post subject:

call the loss mitigation department of your mortgage company and see if you can modify your loan with out a refinance.

elnoralittle · Posted: Tue Feb 24, 2009 7:14 pm Post subject:

ps, if you did an FHA loan, you can do a streamline refinance without an appraisal. You might have to pay the closing costs from your own pocket though.

jameshogg · Posted: Tue Feb 24, 2009 9:02 pm Post subject:

Hi tomalynlawson,

As the appraised value of the property is lower than the mortgage, I don't think lenders will refinance the property. If you cannot refinance the property, I don't think there is any other way to lower the term of the mortgage payment. However, you can lookout for streamline appraisal as Elnora has suggested.

Thanks

gmakerley · Posted: Wed Feb 25, 2009 11:49 am Post subject:

tomalyn, if you wish to reduce your term to 15 years without refinancing, all you need to know is the monthly payment required to retire the loan in 15 years and then begin making payments of that amount. make sure you specify to your lender that the additional sums are to go to principal.
use the amortization schedule tool here to do that calculation.

ashleyblanton · Posted: Wed Feb 25, 2009 4:07 pm Post subject:

Exactly what George said. You just make a higher payment. Make sure you don't have a prepay penalty on your loan though.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How can I take years off my 30 year mortgage.