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can we lower our mortgage without refinancing, etc. with no fees etc???

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rmc Joined: 24 May 2011 Posts: 1 1.00 Dollars($)	Posted: Tue May 24, 2011 2:38 pm    Post subject: can we lower our mortgage without refinancing, etc. with no Like 0 Dislike 0 My wife filed for bankruptcy a couple of years ago but we are in good shape now....Our mortgage is in my wife's name but the house property is in both of our names.... Is there a way to lower our mortage and get a low interest rate withour any fees etc?...say...finance what is owe now which is approx. $152,000...it's worth approx. $181,000 if not more now....if you can/ will help, figure something for me/ us....we're in Easley, SC 29640 USA. We pay all of our bills on time but it would help if we could lower this mortage etc...and homeowners insurance etc....thanks, Ron Weaver/ wife is Cathy ps Figure a 30 yr and 15 yr...even a 20 yr....10 etc. low cost/ payments....BTW, I'm 60....years young....
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue May 24, 2011 2:52 pm    Post subject: Like 0 Dislike 0 There are no true no cost loans. You always have to pay for title, escrow, appraisal, and prepaid interest. Some lenders will "credit" you these costs. If you are 60 years old, do you think you can afford a payment on a 10 year loan, then you have the home paid off and can retire. If not, stay with the lowest payment you can obtain, generally a 30 year loan. Contact a lender in your city and get pre-approved. If you like the terms, then you can move forward. If it doent make financial sense, you can cancel the loan at anytime before funding. Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue May 24, 2011 10:16 pm    Post subject: Like 0 Dislike 0 Welcome RMC, Rates are still going low and if you want to take advantage of low rates, you will have to refinance the mortgage. Moreover, in order to refinance the mortgage, you should have equity in your property. As far as I can understand, you have equity in your property. So, you may get a refinance. _________________ Procrastination is the enemy of your financial success
alcovamortgage Joined: 16 May 2011 Posts: 10 Location: McLean, Virginia 1.94 Dollars($)	Posted: Fri May 27, 2011 5:28 am    Post subject: Like 0 Dislike 0 RMC - you should be able to refinance your loan with no out of pocket expenses, and no costs rolled into your loan. I'd be happy to work through some options with you. Good luck! [Promotional content deleted as per forum rules. Thanks.] _________________ Dan Maggin Regional Manager Alcova Mortgage, Inc. www.AlcovaInc.com

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