How to lower house payment? What is mortgage? Is it just loans from a company to lower your house payment?

Question

I am currently paying $3000 for my house right now and trying to lower the payment since it is too high for me. My friend told me that when you do mortage, the company is going to partially own your house or something since they are lending you money. So far I found 2
loan companies that offer loans: quickenloans.com and lendingtree.com. Are these the right companies? Am I making the right decision in trusting these companies that they could lower my house payments?

Answer 1

Yes, I have heard of those companies, and if they can cash out your equity and pay off debts or just refinance at a lower amount giving you credit for the amoutn you have already paid then you can indeed lower your payments.

Good Luck!

Answer 2

Before doing anything, you need to understand what a mortgage is. If your house payment is a mortgage, then read the contract and find out if there is a prepayment penalty for paying it off early. Then you might shop around for a new mortgage at a lower interest rate than you're now paying, which will lower your payments. Don't be suckered into a variable rate mortgage with a low rate that only lasts for a short time and then goes to a higher rate. Find the lowest rate 1st mortgage with fixed rate, pay off your old loan etc. Get a CPA to advise you. Understand what you're doing before doing anything, and for goodness sake, don't take out a second mortage and buy crap with the proceeds - you'll end up without a house.

Answer 3

Yes, these companies can possibly help you to lower your payments. They are mortgage brokers who take your information and shop it around to different banks to find you a good deal. The good thing about it is you don't have to do a lot of work yourself. The only problem in using a broker, is some of them will run credit reports each and every time they submit a loan to a lender for a quote. Some brokers, like the company I work for, can get you a lot of quotes with a single credit report, so as to not run your score down and shop yourself out of a good loan. My advice to you is to ask any broker you deal with if each bank will run a seperate credit report. If so, obtain a free copy of your credit report by contacting the major credit reporting agencies: EquiFax, TrasUnion, and Experian. Simply look them up online and request in writing a copy of your report, and do the shopping yourself that way. Whichever way you choose, I wish you the best of luck!

Answer 4

Do not trust any companies except banks..
You can lend money for your house from any bank in us
and yes when they lend you money they own your house untill you make your last payment and if you can not make your payments they have rights to get your house and resell it for lower price for getting part of their money and you still will have to pay untill u finish your payment..
You could refinance your house but it is not a good idea it takes u up to 30 years payments but when u have money u can make overpayments..

Answer 5

you've requested a sturdy question. genuinely it really is going to remember on the hot lender you would discover. How a lot in costs will it value to examine the hot loan on the decrease fee. in case you financial the 305 ok and proceed to make your more effective critical funds, it really is going to pay off a touch in the previous than the 17 years b/c of the decrease activity fee. So I say flow for it in case you'll locate a lender that would not upload on 4-5K in ultimate prices and refinancing prices. be careful, yet they're oftentimes discovered and also you would have made a sturdy flow

Answer 6

Almost sure that you might find many financial clarification at= loandirectory.info-

RE How to lower house payment? What is mortgage? Is it just loans from a company to lower your house payment?

I am currently paying $3000 for my house right now and trying to lower the payment since it is too high for me. My friend told me that when you do mortage, the company is going to partially own your house or something since they are lending you money. So far I found 2
loan companies that offer loans: quickenloans.com and lendingtree.com. Are these the right companies? Am I making the right decision in trusting these companies that they could lower my house payments?

Answer 7

I can help! Shoot me an email to msmith@premierloangroup .com, and let's chat!

Marty