Question by unlargocaminoalcielo: How do I refinance my mortgage?
I wanna refinance a 30-year mortgage. I’ve been living in my house for a year and have a prepayment penalty of 2 years. Two points. My loan is 80-20 and my monthly payment is 3600. How can I refinance a loan of 520 to get 20000 on cash and reduce my monthly payment?
Price for the house has increased… I wanna know how does that affect the mortgage.. Is it good for the loan?
Best answer:
Answer by sunshine_today
Has your house gone up that much in value in one year? The $ 20,000 plus the prepayment penalty? Probably not.
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You’re prepayment penalty is equal to the next 6 months of interest. Find out which loan you have the penalty on and if you have a lot more equity then 20k + the penality then your monthly payment should be less, other wise it most likely will not be cheaper unless you get an interest only or a 40 or 50 year loan.
I work for Providential Bancorp, a nationwide lender in Downtown Chicago. I would be happy to assist you in getting that $ 20k cash out. I will be back in my office on wednesday July 5th after the holiday. My name is Jason, you can call me at 312-264-6448, or jasonf@providential.com. Once we speak i can give you A free analysis as to what we can do for you! I look forward to speaking with you!
Enjoy your holiday weekend!
Jason Fry