Can i refinance my house even if i have 2 years leftt in my pre penaltys i just want to lower my payment?

Adria
After my pre penalty's my fix rate will turn into an Adjustable rate that's what I want to avoid .

Karma
Yes you can do that and I would suggest doing that. The rates are really low and I am sure you could save some good money by doing the transaction. My friend is able to get the prepay reduced sometimes or even waived, and is doing refinances for people with no equity and not being dependent on a good credit score. You should really shoot him an email and see what options are available to you. Mike@afbankloans.comGood Luck!!

Garry
consider 2 things: PP have to paid from your packet or from equity you have in your house .how much lower your mortgage will be if you proceed with refinancing? divide cost of refinancing by your monthly savings (difrence bitween old and new mortgage payment)- you will see how long you will pay off the cost and if it's beneficial for you. if you don't plan to stay in this house for more then 2-3 years- i will not refinance.

Callie
When you refinance your home, your current mortgage will be paid off. If you have pre-payment penalties, they will have to be paid at that time as well.The whole mortgage crisis that you have been hearing about in the media refers to situations like yours. Many people like you cannot afford to pay the pre-payment penalties in order to refinance to a lower interest rate.You will need to time your refinance carefully. Check with local mortgage people to see who you feel comfortable with. Take a copy of your current mortgage obligation document with you so they can advise you intelligently. You should have gotten a copy of it when you closed on the property at the time of purchase.

Buena
Your PPP will negate any savings you have in a monthly payment an will take a large chunk out of your equity.I would highly encourage you not to do this...you'll find a predatory lender that probably will refinance you, but you'll be very, very sorry that you did.

Alisha
First, talk with your bank. The shop around locally and online. Good Luck.

Alyssa
Yes, you can indeed refinance despite having a pre-payment penalty...The problem with doing this is that you will have to pay the pre-payment penalty. Usually what happens is when you refinance they will add the pre-payment penalty to your new loan and you will pay for it that way, so you don't have to pay upfront.There is no way to avoid the pre-payment penalty except by waiting. Really you just need to sit down and do some simply math and find out whether a new lower rate will save you more than the pre-payment penalty. If not they I say you should wait. But that all depends on your interest rate that you currently have.It also depends on market conditions because you never know where rates will be in 2 years.Your best bet would be to go ahead and take the hit and refinance if you can get a fairly low fixed rate, say in the 5%-7% range.You can also check out my comprehensive Mortgage website. It should have new content every day or two regarding mortgages. http://home-refinance-information.blogsp…