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An idea for mortgages

the culture of deference · 2011-09-02 11:04:07

I own my house 8 years. I have paid bank approx 100k since then, 35 year term. Currne 200 owed, value 120ish Why can't the banks shorten my mortgage loan to an 8 year term, ending tomorrow, then clear approx 75k and apply the new mortgage from tomorrow at the rate of 200 - 75 =125k., and start again with a much lower…

02-09-2011 11:04am

#1

the culture of deference

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I own my house 8 years.

I have paid bank approx 100k since then, 35 year term.
Currne 200 owed, value 120ish

Why can't the banks shorten my mortgage loan to an 8 year term, ending tomorrow, then clear approx 75k and apply the new mortgage from tomorrow at the rate of 200 - 75 =125k., and start again with a much lower interest rate.

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Comments

#2 02-09-2011 11:22am

Black Swan

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MOD COMMENT:
As this original post pertains more to a personal banking issue, rather than the larger Irish Economy, it is being moved to banking.

It is being moved locked so that the banking mods can review it for appropriateness.

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#3 02-09-2011 5:05pm

unclebill98

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Op, where is the 75k coming from?

What is your current interest rate compared to the new rate you may obtain?

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#4 03-09-2011 10:38am

highgiant1985

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unclebill98 wrote: »

Op, where is the 75k coming from?

What is your current interest rate compared to the new rate you may obtain?

Irish tax payer, is my reading of the OP.

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#5 03-09-2011 8:23pm

unclebill98

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Emmmm, I wonder. Maybe the op would clarify?

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