Question by Jenna R: Is renewing and refinancing a mortgage the same thing?
I am looking for ways to pay down my mortgage faster if you have any advice that would be great. Also I would like to know if renewing and refinancing a mortgage is the same thing and is there any fees you have to pay when you do this.
What are the fees for doing this?
Best answer:
Answer by Appraiser guy
No such thing as renewing a mortgage. You can only refinance and yes you have fees to do this.
Know better? Leave your own answer in the comments!
In the U.S., there is no such thing as “renewal” of a mortgage loan. You can always “pay down” your loan by making additional payments to the principal.
Renewing a mortgage doesn’t exist. Refinancing does, and yes you pay for it.
Pay it down faster by adding money to each payment.
They are not the same thing (renewing, refinancing).
You have some options if you would really like to pay your mortgage faster and this would include increasing your payments, lump sum payments, increase or add more payment schedules, shorten the time frame of the loan and of course refinancing.
All have their corresponding added responsibilities. Try consulting a professional or someone who knows more on this.
The amount of fee’s vary and would be dependent on (not limited to) attorney fee’s, loan application fee, title search, appraisal fee, land survey fee etc.
Bottom line is, if you are really able and ready to pay your mortgage earlier than agreed upon.
I hope you find the right alternative.