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mortgage situation

florey · 2009-04-02 19:57:32

I'm on the process of getting a 400000 mortgage. It should be approved which is good because I found a place a like. However, I should have access to another 50000-100000 in 3-6 months I want to put this extra money into the mortgage and would also like to reduce my monthly payment, which I would have on the current loan…

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02-04-2009 8:57pm

#1

florey

Closed Accounts Posts: 2 ✭

Join Date: October 2008

Posts: 0

I'm on the process of getting a 400000 mortgage.
It should be approved which is good because I found a place a like.
However, I should have access to another 50000-100000 in 3-6 months
I want to put this extra money into the mortgage and would also like to reduce my monthly payment, which I would have on the current loan amount.

The question is should I pay an extra lump sum repayment after the loan is approved or refinance my mortgage so i can reduce my loan amount (and hence have the option of lower repayments)?

Thanks

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