Is there anyway to pay all the escrow on my loan to lower my monthly payments?
2007-07-06 18:16:28 · 5 answers · asked by Lorraine L 1 in Business & Finance ➔ Renting & Real Estate
Avoid making things worse. If your loan is older, than you might refi to stretch the payments out again. Credit unions are good for this. Remember when you refi you now incurred closing cost, many times added on to the new loan. If you need a breather for a while talk to your mortgage people and ask for some help. Nothing bad happens from just asking.
Good luck.
2007-07-06 21:49:36 · answer #1 · answered by Willems_grandpa 3 · 0⤊ 0⤋
Your question really isn't clear.
The cheapest mortgage payment that you can have is called NEGATIVE AMORTIZATION. Your monthly payment is low, but doesn't even cover the interest owed on the loan, so the difference is added to your loan balance each month.
IT IS A TERRIBLE LOAN with a higher interest rate.
Many people have these today because they were lied to. It is a good loan for the lender and they reward mortgage salesman with the highest commissions in the industry for screwing the borrower. SOME People are losing their houses because they are in this loan.
The next cheapest payment you can get is an interest only loan. You pay all the interest due each month, but nothing towards your principal.
Without knowing what you have now, it is impossible for anyone to give you correct advice about lowering your payments. If you cannot pay at least all the interest each month, then you cannot afford the home. It's that simple.
IT IS NOT TRUE THAT MOST LENDERS REQUIRE IMPOUNDS FOR TAXES AND INS, only some do, and it has nothing to do with owing over 80%..
2007-07-06 19:04:08 · answer #2 · answered by CommonCents 4 · 0⤊ 0⤋
I feel so sorry to hear about that. I wish I can say that there is way to lower your mortgage but there is none. A lot of loan company said that 1.5%, 1 1/4%, cut your mortgage in half, and etc... But all of them are very risky, because you will have to pay much more in the future and principle will get larger. If you think lowering mortgage in only way, then learn the risk from loan officer. Also, go to google type risky mortgage to find detail information about mortgage. Must know about penalty amount and penalty period. Try to learn as much as possible, this way you will be able to save a lot of money and avoid from scam.
2016-05-20 03:41:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most lenders require that taxes and insurance be put into escrow. Check your loan agreement. If they don't require it, then you could make those payments yourself instead of paying into escrow each month.
2007-07-06 18:25:17 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
If your loan to value is 80.01% or more, meaning you put less then 20% down, you have to have it included in your payment.
2007-07-06 19:00:58 · answer #5 · answered by lenderjayne 3 · 0⤊ 1⤋