Lets say for example I want to buy a house that;s 200k. Usually it's a 20 percent down payment correct? So I would be expected to put down 40K minimum.
However I understand that generally putting down a higher down payment means a lower interest rate
So after the first year, say I wanted to put an additional 20k down toward the principle of the loan
If I wanted to refinance for a smaller interest rate and easier payments. How would this work?
Would the loan period reset itself? Mortgages are usually 30 years right? So if I paid for 1 year, would it go back to 30 years or stay at 29 years?
If the latter, what is the benefit in refinancing a house?
Submitted May 28, 2017 at 08:44PM by TKFire101 http://ift.tt/2r2PWem
