Quote:
Originally Posted by VillagerNut
If you obtained your loan through citizens bank, they actually have a re-amortize program which is what the previous post was referring to at $175. You have to put a minimum of $10,000 toward the balance of your mortgage and they will re-amortize and not refinance the loan. So the total cost is $175 to get a lower monthly payment. The term and interest does not change.
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Hmmm, cost versus cash flow. . . not quite the same
Cash required to perform the re-amortization, 10,175
Total cost to mortgage is $175 because the 10,000 goes to principle, but total cost to your checkbook, 10,175.
finance guy