I'm going to pay off my mortgage and the lender told me that I have to pay $750 fee. Is it sound right?
823850
NO.....usually there is no fee for "prepayment" of a mortgage. Read your mortgage doc, it will be stated in plain language like....No prepayment penalty.\n\n\nMike\n\n================
44320
Assuming you can pay it off in a lump sum, what would the cost be?  I.E.  Is that money just sitting, or is it invested and what is the return on that investment?\n\nIf you are talking about taking money from a savings account to pay it off, a savings account that is somewhat set asside for retire use, maybe the real question should be, is it time to move?\n\nIf it is, due to retirement, fixing up the house should be top priority, and investigating what you can get to replace it.\n\nIf you do decide to move, the mortgage will be paid off once you sell, and so paying it off is rather irrelevant if you have a quick sale.\n\nIf you are staying forever, really depends on your interest rate, and what you are getting in a return with your invested funds (assuming they are invested).  I know a friend had a rate of 2.75% FEMA loan and he thought he would be more secure paying it off.  He was getting 5.14 on his invested (SECURE) savings account.  Of course HE should not pay it off, because he was making more money by paying on the mortgage.  It all depends on your situation.  Let's assume your investment is a wash with your interest payments.  Having liquid capital is always better than having to go out and get a loan when money is needed.  First, the loan may take a lot of time, 2nd the loan may cost you fees, and 3rd, waiting for the loan could cost you the opportunity that you needed the money for.  The old saying, CASH is KING seems to come to mind here.\n\nOn the other hand, if you are paying 7.14%, while your invested funds are earning you only 2.14--you are losing money without a doubt.  And if you have a 2nd mortgage at even higher rates, need I repeat?\n\nMaybe, you are saying you are going to be able to draw on retirement funds (penalty/tax free) in the very near future.  If this is the case, and again the funds are not outproducing the interest costs, clearly, pay off the mortgage.\n\nHope this helps...
728137
You will need to pay $888.49 per month for the first 11 months and a final payment of $888.47 in the twelveth month.\n\nGood luck to you.
939815
There is NO optimal time to payoff a mortgage.  You are charged interest every single day that you have the loan.  The interest rate is calculated based on the current balance....until it's paid off.
623420
Your best bet is to visit a local mortgage broker.  If your credit is shaky they have more options.  If your credit is great, they will compete as much as they can with your local bank on rate and fees.  \n\nCheck out my new blog on mortgage brokers:  http://explaintome.blogspot.com
226148
It will probably cost you plenty, a lawyer should be able to negotiate a good deal for you. Don't wait until Friday to call a lawyer, call today.
556857
so you have your own mortgage company?  I can probably help you steamline your process email me at taustin288@gmail.com and we can probably work out something
130100
PMI is evil. Don't pay it. It is a forced insurance that is way overpriced. Do an 80-10. There is a slightly higher rate on the last 10%, but it is a competitive rate. The PMI is nothing you get to shop around for and therefore can't get a good rate.\n\nAsk your loan officer, or mortgage broker or whomever you are using to give you a good faith estimate for both. You will find the 80-10 is much better.\n\nPMI is evil. Not convinced yet? lets say you pay it off 5% and the house increases by 10% in that time. Should be a cinch to get the PMI removed right? 75% LTV ratio. WRONG, they will not remove it without a fight that usually consists of paying for it for quite a while. Just don't get it in the first place!
623592
You are paying approximately 12.5% interest.  I do not understand what type of loan this is (mortgage, auto, personal, etc.) but this is a pretty high interest rate.  I would discuss refinancing it with someone.
1094773
$750,000 with 0 down at 6% on a 30-yr fixed will leave you with a $4,500/month payment (on your ~$6,000/month take-home).  After a year you'll have paid off (essentially) 0 principle. That leaves you with $1,500 for utilities, maintenance, insurance, etc. on the house.  Plus food, car, etc. for yourself.\n\nTypically, mortgage brokers won't (or shouldn't) give you a loan with a monthly payment that's > 25% of your monthly income.  \n\nWhy risk it? What's the incentive for having this huge albtross around your neck for a year?
1016557
I think they are all pretty much offering a rate of 3.5 if you look online. I suggest you consolidate or refinance before June 1st. Here in CT the rates are about to go up to 7%
590303
If you have your mortgage paid, then you'll have all the interest paid as well. That's a good thing. But if you have credit card debt, go after that first. More than likely it's 4 or 5 times the interest rate on your mortgage.
68960
Maybe.\n\nWhat lenders want is assurance that you can pay back the loan as agreed.  So, a lot will depend on\n\n1.  Income Tax filing for the last 3 years\n2.  Pay Check Stubs for the past 3 months\n3.  Longevity of employment\n4.  Debt / Income ratio\n\nYes, the credit report carries weight, for it says something about your debt load, and your payment performance in the past.  But, it's not the only thing that matters.\n\nMy advice is this.  Contact a real estate agent who has contact with many lenders.
57948
It is true that a normal origination fee is about 1%.  For that price they need to be doing all of the work, however people a lazy, so...? Anyway, I have digressed.  You should know that a mortgage broker is not just getting that 1% from you.  Your broker is also getting discount points on the back end of the deal.  The bank that he is getting your loan from is paying him extra money for any higher interest rate he can charge you.  So it is in his best interest to charge you the highest possible rate he can get you to pay.\nSolution- Find a dicount or wholesale lender.  These lenders are people who make their money selling the mortgages directly to the secondary market. Eliminating the middle man they will usually give you the  best rate.
751744
You could do it immediately as long as your current mortgagor allows it and you're willing to pay any fees, penalties, etc.  \n\nNow's the time to read the fine print on your mortgage if you haven't already, because that's where you'll find the correct answer, not here on Yahoo Answers.
1074588
Above comment about balloon payment is a good one; personally had a mortgage that seemed too good to be true, until we were signing the huge pile of papers and found one that mentioned the balloon payment -- under the terms, after 15 years, we would have paid down almost none of the original loan!\n\nThere are conditions under which this isn't necessarily a bad deal, but it involves a lot of financial discipline, and your mortgage lender probably won't help you figure it out.\n\nA bigger concern at this point is simply this: interest rates are going up, and the housing market is slowing down. You may get a mortgage you can afford for five years, but can you afford it if the rate adjusts to, say, 10% in five years and you can't find a buyer for your house who will pay what you still owe?\n\nFinally, how much are you paying in points/fees on that loan -- and is it more overall than you'd pay on interest for, say, a fixed 30-yr loan at a reasonable interest rate with no points/fees?
510411
It's definitely too good to be true. It's probably spam. My interest rate is 6.7 percent.  I thought that was good.  Be very careful to read the fine print on that loan application...)(