Mortgage Advice

[Captaincrunch]

My bills have been growing lately and I am in need of additional $ to put them back in order. For those with this type of experience I ask, can I have my bank lower my current mortgage payment without penalty for the duration of my 5 years?

 

[Dan]

Try some of these ideas

https://budgeting.about.com/od/budget_home/a/4-Ways-To-Lower-Your-Monthly-Mortgage-Payment.htm

 

[Leo]

It depends if you have a fixed or variable mortgage. Just call you bank manager they are friendly enough to give you free advice.

 

[SillyGirl]

If you only have five years left on the mortgage, you probably have some equity in the house. Have you considered a home equity line of credit?

 

[Robintheboywonder]

You are on an escort review board, just place an ad and try your luck!:biggrin2:

 

[oldguyzer]

If you only have five years left on the mortgage, you probably have some equity in the house. Have you considered a home equity line of credit?

That's the best idea...if you have that much equity in the house, a LOC is at prime (approx.) and will be cheaper than renegotiating the mortgage. You could try renegotiating, though, if you can't get a LOC. Go to competing banks and get them to pay costs and fees.

 

[Raiden]

You are on an escort review board, just place an ad and try your luck!:biggrin2:

Don't give up your day job!:no::biggrin2:

 

[Siodd]

Are there no real state agents on bankers here to give a straight forward response

 

[oldguyzer]

Are there no real state agents on bankers here to give a straight forward response

This may have escaped your notice...this is an Escort Review Board.

Of course there are real estate agents and bankers on here!

 

[Madman]

You're best bet is to speak with your lender and inquire about their options.

Every lender is different and there is no right answer without knowing what you signed off on when you took on your mortgage.

 

[RAWD]

You're best bet is to speak with your lender and inquire about their options.

Every lender is different and there is no right answer without knowing what you signed off on when you took on your mortgage.

This. It depends on the terms of your mortgage loan.

The only thing I can tell you for sure is that your bank would LOVE to loan you more money (and charge you interest).

I wouldn't tell the loan officer that you're underwater with your bills, etc. That makes you a credit risk. Just tell them that you want to consolidate your debts and want to know your options. IF you can get a HELOC (which is secured by your home), your interest rate will be much better than an ordinary line of personal credit.

 

[Al Bumin]

You have to give us more information if you want proper advice.