Monthly Mortgage Payments [mortgage-scam.blogspot.com]
Question by vizco_inc: I need reduce my monthly mortgage payments? I have a mortgage on my home im paying 2500 a month which is really high. I paid 225,000 for the house. My question is if I wanted to reduce my monthy payments to lets 1000-1500 a month how much wouild i have to put into the mortgage (for example if i sent the mortgage company 25k how much would that reduce my monthly payments to) or how could i figure this out. Thanks Best answer for I need reduce my monthly mortgage payments?:
Answer by SmartA$ $
If you send the mortgage company an extra $ 25k, they won't reduce your payments, they will just lower the balance of your loan by $ 25k which means you'd pay it off sooner, but your minimum payment won't change. That's the difference between a fixed amortization loan and a revolving credit loan. Its not like a credit card. If you have the extra money, you need to look into refinancing. Or you can contact your bank about a loan modification and tell them you want to put in the extra $ 25k and get lower payments under modification.
Answer by Sheri G
To reduce your mortgage payment to $ 1500, you will have to put about $ 80-100,000 (depending on your interest rate) towards the debt. Another option is to increase the amortization period. Or you could do a combination debt reduction and amortization increase. One thing to consider - most mortgages have limits on how much and when you can pay it down without penalties. It's usually 10% of the original mortgage amount and only on the anniversary of the mortgage.
Answer by David M
I don't get this. You want to lower your monthly payments, but you have a lump sum to help do so. Just use part of that lump sum to make payments each month. As to reducing your monthly payment, you'll need to refinance your mortgage. To help determine how to get that monthly payment down to $ 1,000-$ 1,500 per month we'd need to know your current balance, the term remaining and the current interest rate. Keep in mind that if this loan is recent and has more than a 20 year term left, there may be very little you can do to knock down the monthly payment as low as you wish. Especially if you only have $ 25,000 to pay down principal. My gut feeling here is that you will be unable to fulfill your goal. Good luck.
www.thephoenixrealestategroup.com I was meeting with a home buyer earlier today, and she asked me how to figure out how much the monthly mortgage payment would be on a house she saw online. Now, without speaking to her mortgage banker, I can't give her or you an exact amount, but let me tell you what I told her. I recommend keeping a mortgage calculator app on your phone and or at least on your computer for quick reference. There are a ton of mortgage calculator apps and websites out there, but the one I have on my phone is Matt Baker's Mortgage Calculator. It's a free app, and I found it very quickly in the Android Market. I don't have an iPhone, but if you do, I've been told it's also in the iTunes market. Now, once you have your mortgage calculator in front of you, plug in as many of the details about the home as you know. The more you know up front, the more accurate the calculator can get. Here below are the six most important items you should know about the home before you can calculate your monthly mortgage payment. For more information about each item, watch this video or feel free to post a comment below! #1 - Loan Amount #2 - Mortgage Term #3 - Interest Rate #4 - Annual Property Taxes #5 - Annual Homeowners Insurance Premium #6 - Private Mortgage Insurance (PMI) Rate So, there you have it. Those are the six most important numbers that will impact your monthly mortgage payment on any given house here in the Greater Phoenix Area. But there is one other important ...
mortgage-scam.blogspot.com How to Calculate Your Monthly Mortgage Payment
The housing crisis - where a recessed economy finds many Americans unable to get pace with their monthly mortgage payments, have hit those 50 years and older especially hard. More than 1.5 million older Americans already have lost their homes and ... US: 600000 people who are 50 years or older are in foreclosure
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The points Amy be fixed or floating.
Obtaining the lowest available interest rate on a mortgage should be every would be homeowner’s objective. Lower interest rates in lower monthly payments, so you should spend a lot of time and effort searching for the best rate. If you do, you will probably find the most competitive one available.Age partnership is independent equity release specialists. Buying a house is a very exciting time. The good news is that if you do the legwork and set the right wheels in motion you can be before you get there. Mortgage represents a loan or lire on a property that has to be paid over a specified period of time. Think of it as your personal guarantee that you will repay the money you have borrowed to buy home. Mortgages come in many different shapes and sizes, each with its own advantage and advantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture. Recommend Monthly Mortgage Payments Articles
