by haytham fox
Question by Julie Cichowicz: Is there a minimum dollar amount when refinancing your mortgage?
I owe $ 70,000 on my mortgage. Can I refinance, maybe a 3 or 5 year arm, and virtually pay off my mortgage by adding extra to the principal over the next 3 or 5 years and save more interest? I currently have a 30 yr. mortgage originally for $ 135,000 obtained in 2003.
Answer by liveinmd
Minimum loan amount set by most mortgage lenders is $ 10k. Prepayment shouldn’t cause a problem as long as you do not agree to a loan with a prepayment penalty
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