Mortgage Question
I have my mortgage renewal coming up and was wondering if I can lower the monthly payments.
For example, let's say it's a $50,000 mortgage, can I renew that for another 5 years fixed on a 20 year term? Am I able to request for an $xxx.xx amount as a monthly payment? I'm assuming there's a "min" and "max" monthly payment which will determine how much interest etc... I pay over the term? If I understand this correctly?
For example, let's say it's a $50,000 mortgage, can I renew that for another 5 years fixed on a 20 year term? Am I able to request for an $xxx.xx amount as a monthly payment? I'm assuming there's a "min" and "max" monthly payment which will determine how much interest etc... I pay over the term? If I understand this correctly?