Question by starman45: Can I refinance my mortgage for half the price?
Let’s assume my mortgage payoff is $ 100,000, Now let’s assume I inherited $ 50,000, Can I put this $ 50,000 towards the payoff of my house and refinance it for the remaining $ 50,000?, Goal is to get the monthly payment lower?
Best answer:
Answer by Landlord
Yes, you would be able to do this, it would be a good idea.
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Absolutely.
You can make extra payments of principal on your existing loan, which greatly reduces the amount of interest you pay over the life of the loan.
There are costs to a refi, and some lenders don’t do such small loans, or the rates are not as good. So check out your options before doing this. It might be better to keep the existing loan, make a nice principal payment, and put some money in investments to feed into your monthly payments.
Start with talking to your current lender. Ask about a loan modification.