i have a loan secured on my house,will i have a problem changing to a new mortgage lender?
Sunday, April 18th, 2010 at
11:20 am
my current discounted mortgage runs out in january 2008 and i have a loan secured on my property.i want to change my mortgage in january 2008,will i have a problem?
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Tagged with: Current • Mortgage Lender • New Mortgage
Filed under: secured loan
you’ll have no problem at all as long as the pre-payment penalty ends in Jan. 2008 as well because if it doesn’t you’ll have to pay more than you owe to your current lender.
You will probably have to pay off the existing loan company so you need to find out how much it will cost to leave that company and weigh that up against the long or short term financial gains from the new loan.
When you refinance, the loan will have to be paid off by the new mortgage. Your new mortgage will go up by the amount it takes to off this debt, plus any costs of the refinance. If the value of your current mortgage plus this loan add up to more than the value of the house, you may not be able to refinance.