Posted on: 31st Oct, 2009 04:29 am
reduce my monthly mortgage
the only way to reduce your payment is to refinance. your monies would go to reducing your principal but the payments would remain the same.
If you have a fixed rate mortgage, the payments will remain the same. The term will be reduced. This was noted above and that the only way to reduce your monthly payment would be to refinance.
There is another way to reduce your monthly payment, however, it can only be done if your present mortgage holder agrees to do it---ask them if they will modify your loan to the new payment based on the same rate and the number of months remaining in the term.
Some lenders will modify a loan and many will not. All you can do is ask them.
There is another way to reduce your monthly payment, however, it can only be done if your present mortgage holder agrees to do it---ask them if they will modify your loan to the new payment based on the same rate and the number of months remaining in the term.
Some lenders will modify a loan and many will not. All you can do is ask them.
