mortgage payment plan than current payment?

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I think refinancing to buy. The mortgage agent said if I do mortgage payment, my mortgage next month on the basis of new princial recaculated be (former prinicial – the sum of the advance) Is this true?

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  1. Reply
    Steve
    April 29, 2011 at 11:05 pm

    YES IT IS,AN ADDITIONAL PAYMENT ONCE A YEAR CAN CUT YOUR LOAN’S LIFE BY 8 YEARS.ONLY IF YOU HAVE A FIXED LOAN AND IS NOT INTEREST ONLY. TRY TO PAY 13 PAYMENTS EVERY YEAR AND YOU WILL SAVE SO MUCH AT THE END.

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