mortgage

Please elaborate on what you're trying to accomplish.

Jcopas;

I am guessing that you want to refinance your property and apply funds towards your principal in order to reduce your payment. You absolutely can do that without an issue.


Best Regards;

Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE

[Contact details deleted as per forum rules. Thanks.]

You may be running faster to stay in place. Unless y a refinance is closing costs which are normally tucked away, i.e., financed, but they are a real cost. You likely are asking about reducing the principal balance with the refinance; just remember part of the monies you have will be used for closing costs and therefore not go to principal reduction. You might want to check what the remaining loan term would be if you applies the full amount to principal and then compare the P&I on you existing loan to that of the proposed loan using the resultant loan term.

The difference between the interest rate on your current loan and that of the new loan may make a refinance a smart way to go buttell from information provided.

We can't really solve your problem if you will give us a little detail about your situation.