Can you re-amortize a mortgage?
by Mortgage Rates on Saturday, November 13th, 2010 | 2 Comments
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No. Paying down the loan in advance means fewer payments remaining but they will not “reamortize.” That would require a refi.
No. By adding $200 a month you are turning a 30 year mortgage into a 15 year mortgage. If you paid $20,000 it would have the same effect; shortening the time.
It would be possible for the lender to re-amortize the loan. It wouldn’t be much work. And it is just the “note” that is being changed. If you changed the Deed of Trust, that would require some work; even a new title insurance policy which you would have to pay for.
Your only option is to wait for the new Secretary of the Treasury to decree that everyone in the USA can refinance at 3.5% interest fixed for 30 years. I think that is coming next.