Re-amortize vs. refinance?

Refinance is the process of getting a new loan to pay off your old loan. Re-amortize is changing the term of the loan. It's unlikely that you could add years to your mortgage without refinancing, so if your goal is to spread your remaining payments out over another 30 years, you would need to refinance into a new 30 year loan. I would advise you that this route will cost you a good deal more in interest over time, though. You will lower payments with a new 30 year fixed mortgage, but you will be making 360 more payments instead of the 180 you currently have left. Explain your goals to a local mortgage professional and they'll help you figure out exactly what your best plan of action is, possibly not doing anything.

Refinancing is what your looking for.. you will basically take what you owe, and spread it out over 30 years. You will have to pay closing costs, but they can be rolled into your loan, or have your lender pay the costs in turn accepting a slightly higher rate, but this will lower your payment.. a Re-amortize loan is when you contact your lender and ask them to change the original terms of your loan. Typically, this is a "Loan Modification", and modifications are used for folks who cannot qualify for a refinance mortgage, or refinancing does not offer enough relief for the homeowner to afford the payment.. so the lender will modify the existing terms of the loan by re-amortizing the balance owed over a longer time than originally agreed... for example, a 30 year loan becomes a 40 year loan, etc.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

A refinance is when you apply and obtain a new mortgage on a property you already have mortgage. You will sometimes do this with your current lender or you may find a different lender more willing to help you. This does in effect re-amortize your mortgage, because it will be using a new loan amount and term. To just re-amortize your loan, your lender would need to agree to re-set the amortization of your current loan. This will not happen.

It depends on what your rate is whether or not you should refinance.Re-amortization occurs when you refinance.What Is Re-amortization?Re-amortization changes a borrower's monthly payment amount so that the payments repay the accrued interest and full principal of a loan by a specific date. Amortized loans typically have the same monthly payment for the whole repayment term, but there are situations that require the lender to recalculate payments so the loan is paid off by a specific end date.When Reamortization OccursFour major circumstances may lead to reamortization. The first is if a borrower refinances a loan, thereby changing the interest rate, repayment period and sometimes, through a down payment or a cash-out refinance, the balance as well. The new payments must be based on the terms of the refinanced loan. Second, a borrower might make a large extra payment and request a reamortization to recalculate the payments for the duration of the existing period based on the new lower balance. Third, an adjustable-rate loan is reamortized every time the interest rate changes, using the remaining repayment period and balance but the new interest rate. Finally, if a loan is past due, the lender might offer to reamortize it by adding the missed payments to the scheduled principal balance so the borrower gets up to date and makes the missed payments in the form of slightly higher monthly payments. We can discuss if it would benefit you to refi. 806-356-9559Or you can go to my website and apply: leticiabotkin.supremelending.com

You may want to refinance to a new 30-year mortgage, in order to get lower payments. A loan modification, which is a type of re-amortization, which if offered by your lender, may also work for you. Ask your current lender.

A refinance is when you get a brand new loan and pay off the old one, going with a 30 year term would definitely lower your payments, as far as re-amortizing the loan that would have to be through your current lender probably thru some sort of modification, however those are usually done under hardship conditions so you may or may not qualify for it also it may impact your personal credit. Some lenders do ofr modifications as a way business retention to keep you from refinancing out with another lender that type however would not impact your credit. Call me with questions thanks Daniel 214-499-0010.