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Caroline Simmons
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It's important to have confidence in your real estate professional when you are buying or selling property in today's real estate market. My commitment
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Caroline Simmons answered:
Morning Ronda!
No, making additional payments will only pay down the principal on your home. However, if you have Private Mortgage Insurance (PMI) on your loan due to an inital loan amount of over 80% of the value. You can go to your bank if you believe your home's value has increased enough that you own 20% of the properties value. Example, You buy a home at $80,000 on a 100% loan with PMI. Your home is now worth $100,000. They can reappraise your home and possibly remove the PMI.
Also, have you filed for your homestead exemption? If not, FILE TODAY! This can lower your tax payment and if it is included in your mortgage, your mtg. payment will become lower -- probably not until after your 2008 taxes are paid.
If none of this applies and your credit is in a position to refinance, that would be my other suggestion -- especially if you have an ARM or Interest Only loan. If you have a fixed rate, I would not suggest refinancing unless you are able to obtain a lower rate.
Good Luck!
No, making additional payments will only pay down the principal on your home. However, if you have Private Mortgage Insurance (PMI) on your loan due to an inital loan amount of over 80% of the value. You can go to your bank if you believe your home's value has increased enough that you own 20% of the properties value. Example, You buy a home at $80,000 on a 100% loan with PMI. Your home is now worth $100,000. They can reappraise your home and possibly remove the PMI.
Also, have you filed for your homestead exemption? If not, FILE TODAY! This can lower your tax payment and if it is included in your mortgage, your mtg. payment will become lower -- probably not until after your 2008 taxes are paid.
If none of this applies and your credit is in a position to refinance, that would be my other suggestion -- especially if you have an ARM or Interest Only loan. If you have a fixed rate, I would not suggest refinancing unless you are able to obtain a lower rate.
Good Luck!
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