Colli Real Estate

If I want to increase my home mortgage payment, do I need to refinance?

Let’s say my Countrywide home loan term is 20yrs, $1000 a month with fixed interest rate 6.5%. What’s the bad/good if I decide to double my monthly payment?

If you’re with Countrywide, you’re in a good position with 6.5%. On the wholesale broker side, I can tell you that Countrywide does not have a pre-payment penalty. Also, it would be worth refinancing and incurring more closing cost’s on your mortgage. 6.5% isn’t the best, but its pretty decent these days. I’m assuming you went through a “retail” branch of Countrywide instead of using a Mortgage Broker.

copy and paste this website to your browser, and it will show you how much faster you’ll pay off a 20 yr mortgage if you double you’re payment:

http://www.eloan.com/s/amortcalc?context=purch&sid=G1-MCgZPwV0VamaXA8YdEaYRl1U&user=&mcode=

From your information you listed, I’m assuming you took your loan out for 134,125. If you double your payments and add $1,000 to the balance every month, you’ll go from a 20yr loan and have it paid off in 7 years!!!

Also, Countrywide has a great program to help pay off your loan quicker. If you make a large payment toward the principle balance, they’ll reamortize your payments with the amount of years left and the new balance. Thus reducing your monthly payment. The is a small 400-500 fee to do this, but I believe they just add it onto the back of your loan.

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