Can I get a lower mortgage payment after paying off a large amount from selling?
I’m currently about to go through a divorce with my husband and we are trying to figure out what to do with our home. I would like to sell it and get what we can get for it and pay off a big chunk of the mortgage. However, I need to know that if once I pay off that big chunk and not own the home anymore….will the mortgage company lower the payments of the loan? I’m trying to think of anything I can to get out from underneath this house. Renting might be a possibilty but we won’t get our monthly mortgage payment for rent. I’m just hoping that our mortgage company will lower that payment so that he and I can go our separate ways. Hopefully someone has some good advice for me!
No. Your lender will keep the terms of the original note.
To get a lower payment, you must refinance the current loan, putting a new one with lower payment terms in place.
Since you are getting divorced, won’t your ex want to be off the current mortgage anyway?
Get with a mortgage professional to get qualified. I am closing a situation a lot like yours this week. She is getting the house, and instead of paying him in cash, she is paying off ALL their bills with a new mortgage AND her new mortgage payment will be less than she gets in child support!
Best of luck!
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