Amending an existing mortgage?
Query by B. Bunney: Amending an existing house loan?
My mortgage is not distressed, but I would like to lower my mortgage loan fee. A entire refinancing is expensive due to all the charges, which includes the NY tax to record mortgages and title insurance coverage and many others. I would like to just amend my existing home loan with Citibank and hence not have a new house loan. Does anybody know if you just amend the existing mortgage loan, do you still want new title searches, insurance policy and so forth? It would appear if absolutely nothing but the price adjustments and the existing mortgage loan continues to be in area you would not need all that. Has anyone completed this?
ps do not even know if citi would agree considering that it just significantly less income to them but I may as nicely try out as I could preserve fairly a bit.
Best answer:
Answer by jlf
Normally, loan providers will not “amend” active loans upon request. Start off by asking your financial institution if it is even feasible.
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LOL Citibank is not going to amend your contract.
As far as I know there is no such thing. You either keep what you have or refinance it.
the odds are 0%.
You want a lower rate? Refinance.
The only issue is you are too cheap to do this. Sorry.
HOWEVER, usually with a refin, there are no transfer taxes since you are NOT transferring the property. In fact, many lenders have zero cost refinancing or very low costs – much much less the a purchase.
I seriously doubt that the bank will “amend” your mortgage (which costs them money and manpower to process) in order for you to be able to pay them less. However…
Depending on when you bought, you may be able to roll at least some of the costs into the newly re-financed loan, if the house is worth quite a bit more than what you still owe. Talk to your bank, and also talk to a couple of other banks about refinancing. A good rule of thumb is that if you can recoup the cost of refinancing within 2 years (and you plan to stay in the house longer than that), then it is worth it to refinance.