Is there a way to refinance a mortgage without changing the amortization schedule?

One Response to “Is there a way to refinance a mortgage without changing the amortization schedule?”

1. Meme says:

   October 27, 2010 at 1:52 am

   depends on what type of loan you have and what lender you go through to refinance. You can request for it not to be extended but typically its by the year so if you only paid on it for 8 months and its a 30 year loan you can take out a 29 year loan although you may not get the same rate or pricing as a specific 30 year loan its weird how the lenders work that. My best advice I can give you is to refi if you want take out the same loan term as you had before because you probably have not even paid more than a couple hundred dollars in principal on it to begin with. As long as you don’t have a prepayment penalty on the loan you can always pay additional principal and figure out what payments you would need to pay to keep it at your same term without actually taking out a 352 month loan you can take out a new 360 month loan get the better rate and just pay an extra 10 dollars per month to get it paid off in the original 352 months you wanted. The most important part of the refi is paying lest interest and getting the better rate and lower payment you can always pay more to pay it off sooner. By making bi weekly payments instead of monthly payments you make an extra 1 payment per year which will end up paying your loan off several years faster than paying monthly.

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