If I make a big one time principle payment on my mortgage will my monthly payment decrease? - principle only payment
The payment is currently around 1200 per month. I suspect that you base the amount on the principle and interest at the moment when I make a single payment at the beginning of the x height, that the current principle, which I make payments on the bottom, would make the reduction and the money for the same number of times ... Is that correct
Friday, January 8, 2010
Principle Only Payment If I Make A Big One Time Principle Payment On My Mortgage Will My Monthly Payment Decrease?
4 comments:
Not if you are reduced to make another payment on the loan principal, but not change the required monthly payments.
The answer is yes, if it is in the context of a refinancing of the house.
You can, but is it the right way. If you are buying is an even more important to send, including the mark "for the capital, your monthly payment will be the same, even if the balance is reduced.
The bank that holds my mortgage, and I'm sure many others, allow a large payment to make and then reconfigure the monthly payments. I forget what they say, I am sure that there is a bank name for this operation. Some may also charge a small fee, while the mine is free.
The key is to call and talk to a real person, not send your mortgage company, the money in payment center.
No, you need to refinance for lower payments.
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