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Can I Obtain a lower rate without changing the years left on the mortgage/

I currently have a mortgage With 12 years left at 6.125 percent. Is it possible to refi to a lower rate without adding years to the mortgage? by james939 from Miami, Florida. Jul 15th 2010 Reply


Brett Pehrson (brett@homeloansinutah.com)
#3 ranked lender in Utah - 209 contributions

James, you'll probably only find 10 and 15 year mortgages available to you; I've never seen anyone carry a 12 year mortgage. What you should be asking is how much time can I cut off my mortgage without being uncomfortable. If the 10 year option won't work, take a 15 year mortgage and ask the loan officer to show you the amortization schedule for a 12 year payoff...then make those payments instead.

Jul 15th 2010
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Wayne Rohrbaugh (WayneRohrbaugh)
#74 ranked lender in Florida - 1 contribution

Supreme offers 10 Year and 15 Year loan terms. aprx 4% rate

Jul 15th 2010
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Leo Namiot (leolends)
#8 ranked lender in Connecticut - 13 contributions

I don't know of any lender doing 12 year loans. 10-15-20-25-30 6.125% is a very high rate. If you have good credit and are able to produce income verification as well as assets you may be able to get a 10 year for less than you pay now on the 12 remaining years. I will be happy to run some numbers for you and see if it makes sense. No obligation!Rates today are 4% or less for 10 Year mortgages, without having to pay points.Feel free top contact me and I will run some numbers for you.Leo Namiotwww.LeoLends.comLeoLends@yahoo.com

Jul 15th 2010
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#0 ranked lender in

Best to Creat a 10 yr or 15 yr However we will provide a Truth N Lending disclosure at close to show the payment required on a 12 yr pay down.WE ARE WITH YOU ALL THE WAY

Jul 16th 2010
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#0 ranked lender in

No. However, you can take out a 15 year mortgage and repay at a 12 year rate. Alternatively, you can take out a 10 year mortgage.

Jul 16th 2010
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