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I can not refinance my horrible mortgage, can I pay big summ (25,000) towards principle to low my payments every month…i pay 3,000….I am strugling
Asked
about 1 year ago
Tatiana
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Yes, often times a mortgage lender will accept a one-time payment of anything over $10,000, and they will then recast your mortgage. This payment will reduce the principal balance, and then recalculate your mortgage payment. There are also HARP options (if you are underwater) or HAMP options (if you need help paying your mortgage). Good luck to you!
Tatiana, before you make any decision to place a lump sum of 25K down on the mortgage in hopes of them recasting the loan make sure you speak with your lender. The option discussed below is something that we are seeing a lot less these days then we did in the past on fixed rate loans.
Side Note – If you current loan is an ARM or interest only and you place a lump sum down on the mortgage it will traditional be reammortized using the new loan balance over the remaining term. Again, before you make any action contact you current servicer to ensure you don’t shell out 25K and still have the same monthly payment.