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Replies (5)
Well, if you bought it in 1999 and refinanced in 2003, you would have refinanced into a new 30 year mortgage that would mature in 2033. Is that what you did?
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
The new loan was probably set up as a new 25-year term instead of a 22-year term, but never fear, the required payment you see listed on your monthly payment is actually only the minimum required payment... you can pay more than that and turn your 25-year term into a 22-year one, or even less, just by making higher payments.
If you tell me how much left you owe on your mortgage, how many years you want to pay it off in, I can let you know what monthly payment to make in order to accomplish that.
Rates are in the 4's (3's if you are looking at 15-year term), so it may be worth it to look into refinancing could save you money without extending your mortgage term.
If you tell me how much left you owe on your mortgage, how many years you want to pay it off in, I can let you know what monthly payment to make in order to accomplish that.
Rates are in the 4's (3's if you are looking at 15-year term), so it may be worth it to look into refinancing could save you money without extending your mortgage term.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Very few lenders offer any flexibility on loan term so you either finance back to a 30 or down to 15 (10 and 20 year are out there, but not as common). Your loan officer should have explained to you how to use the monthly saving to reduce the amortization period of you loan.
Curious as to why you are refinancing to a 15 year at today's rate?
Curious as to why you are refinancing to a 15 year at today's rate?
- mymortgagebrokerjoe
- Contributions:129
indy, you originated a brand new loan when you did the streamline, so the term of the new loan starts with the day of closing. your note will state the terms of the loan.
- Chris Hacker, "thelendingcoach"
- Contributions:130
If you are talking about a FHA streamline, then it was a 30 year term more than likely. They don't match it to whatever you have left. More than likely, when you close there were lot's of documents that have that all spelled out.
Go grab the closing package and check it out.
Go grab the closing package and check it out.
I streamed my mortgage from 7.25 to 6.0 a couple of years to find out CITIZENS add 3 years on to the
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