Mortgage Question

[Goober56]

My wife and I renewed our mortgage a couple years back and locked in at 6% for a 10 year term. I am in the process of switching employers and as such will be making less money. Currently we are ahead of our amortization schedule. Basically what I want to know is, are they any options to get a lower interest rate on a different term? We locked in because we figured interest rates were going to rise, obviously incorrect. Our main goal is to lower our payments to offset the income difference to meet our budget.

Any information would be greatly beneficial. Thanks.

[NUTS]

My wife and I renewed our mortgage a couple years back and locked in at 6% for a 10 year term. I am in the process of switching employers and as such will be making less money. Currently we are ahead of our amortization schedule. Basically what I want to know is, are they any options to get a lower interest rate on a different term? We locked in because we figured interest rates were going to rise, obviously incorrect. Our main goal is to lower our payments to offset the income difference to meet our budget.

Any information would be greatly beneficial. Thanks.

go back to your bank and ask the question - can we

a) redo the mortgage at the new lower rates or the term length - or ask about blended mortgages
b) we would like to have a lower monthly payment (do not tell them why)
c) ask what other rates are available

Remember changes or cancellations of mortgage terms generally have penalties attached to them

You could also shop the market

The best way to do this is go to one of the bigger brokers such as Monster mortage or Northwood mortgage . Check out each of those on the web.

I am not plugging either one - they are the ones I see on TV as well as listen to on the car radio