Is it possible to buy points on existing mortgage rate? How that works?

Written By: admin on November 28, 2009 2 Comments

I want to lower the mortgage payment. I wander if it will be possible to do it by buying one or two points down.

Ed Atun on: 28 November 2009 at 10:36 am

It would be possible but highly unusual for an existing mortgage to be "redrawn" to a lower payment by paying points. The lenders only offer that on groundbreaking new mortgages.
If you were to send in a huge check to the mortgage company today, it would not lower the payments, only shorten the loan. That is not what you want..
pretty ric on: 28 November 2009 at 10:36 am

you have to have a excellent credit score for that.. or luck on ur side..