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 How do I adjust the principal when refinancing a mortgage?

Answer Determine the amount of principal you would like to add to or subtract from your mortgage loan balance. Inform your lender of your decision prior to locking in your interest rate for refinancing. P... Read More »
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How do I adjust the principal on a mortgage?

Speak with your mortgage company about the appropriate ways extra payments may be made on your principal. Lenders vary in how they apply an extra payment to the principal. Therefore, speaking with ... Read More »
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Can you refinance a primary mortgage without refinancing a second mortgage?

It is possible to refinance a primary mortgage without refinancing a second mortgage by subordinating the second mortgage. Subordinating a second mortgage means you are filing a document so that th... Read More »
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What is refinancing a mortgage?

To refinance a mortgage is to replace the old mortgage debt with a new debt that pays off the old loan in full upon closing. A borrower can refinance to take advantage of lower interest rates or to... Read More »
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What is a mortgage principal?

The mortgage principal is the balance of the mortgage debt excluding interest. It begins as the loan amount and is gradually reduced over the life of the loan through monthly repayments.Significanc... Read More »
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