Can I refinance my current mortgage with the same company I'm with now for a lower rate after 2 years?
Answers:
If you have a fixed-rate, closed mortgage you will need to pay some type of penalty with most lending corps or banks if you change your mortgage before its term is up. You might be able to get an exception if your are in serious trouble to make payments since lending groups don't like bankruptcies or foreclosures. You should just approach your mortgage broker, they will be able to give you an exact number and you can make a decision. If it's going to pay in the end, go for it.
I know that Countrywide lets you do that, you should call the ones that have your mortgage and ask them as it would be up to them. Most would like to keep you and will agree.
Check over your mortgage agreement, which you have probably done? Your letter of commitment and truth in lending documents from your closing should tell you.
Your loan company can refi you anytime, the prepayment penalty is placed by the loan investor as a condition of your loan to insure a certaiin return on investment in terms of interest collected. So ,in some cases your mortgage servicer might have to pay that interest to the loan investor, even if they don't collect it from you. Sidenote: even if you don't pay your mortgage payment, your mortgage servicer will often pay the interest to the investor to stay in the investor's good graces and get more loans to service from them. If your mortgage servicer is also your loan investor then they certainly have a lot more leeway as far as the prepayment penalty. Call them and ask who your investor is.
Hi,
I used "Loan Web" to consolidate my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special edition.Check it out here:
http://loanweb.ez-mart.biz
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...