Should I pay the principal down?
I currently have a high interest rate conventional loan with 10 years left and around $180k in equity. Refinancing is not an option at this point. Should I pay the principal down? I want to get a lower payment and pay the remaining balance quickly. by bartlett169 from Atlantic Beach, Florida. May 26th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
The only way you'll get a lower payment is if you refinance. Once you refi, you can pay extra to your principle and pay off the remaining balance quicker. If you do not refi, you can still pay extra to the principle and pay the loan off. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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