Focus
Full time employment: Posting here.
- Joined
- Oct 10, 2009
- Messages
- 640
I recently looked into refinancing our mortgage, but decided it's not worth it unless the rate hits 2 percentage points below our current one (5.375%). That hasn't happened, and that's fine.
Alternatively, we've decided to make a payment toward our principal to lower the amount of total interest we'll pay and shorten the term of the loan. We're hoping to do this on an annual basis.
I was surprised to find out that the firm currently holding our mortgage (MetLife) requires this to be pre-approved and then charges a $200 "principal reduction fee" every time. Is this standard?
Alternatively, we've decided to make a payment toward our principal to lower the amount of total interest we'll pay and shorten the term of the loan. We're hoping to do this on an annual basis.
I was surprised to find out that the firm currently holding our mortgage (MetLife) requires this to be pre-approved and then charges a $200 "principal reduction fee" every time. Is this standard?