Posted on: 22nd Mar, 2009 08:22 am
i'm trying to lower my monthly payments on some of our household bills and was wondering if there is a way to either readjust or refinance my current mortgage. i'm currently way ahead of schedule on my mortgage. i called my current mortgage company and asked what my options are. they told me i could readjust my current mortgage if i paid a $500 fee and put a minimum of 10k on my current mortgage or i could refinance and pay closing cost. i have 30k i can use to pay towards my mortgage.
my ultimate goal is to lower my interest rate and monthly payment without paying fees or closing clost. i plan on paying off my mortgage within the next 5 years.
current loan information...
current principal balance - $74,586.66
current interest rate - 6.125%
loan origination date - 03/14/2005
first payment due date - 06/01/2006
original loan amount - $159,300.00
loan type - conventional without pmi
maturity date - 05/2036
current monthly payment - $819.40
***note*** taxes and insurance are built into my mortgage
regards,
darren
my ultimate goal is to lower my interest rate and monthly payment without paying fees or closing clost. i plan on paying off my mortgage within the next 5 years.
current loan information...
current principal balance - $74,586.66
current interest rate - 6.125%
loan origination date - 03/14/2005
first payment due date - 06/01/2006
original loan amount - $159,300.00
loan type - conventional without pmi
maturity date - 05/2036
current monthly payment - $819.40
***note*** taxes and insurance are built into my mortgage
regards,
darren
Regarding you sitation... rates are at the 5% range or below so it may make sense for you to refinance to lower you payment.