I am considering purchasing a property which includes 20 acres of land with the house. I plan on selling 10 acres of land and would like to use this money to lower the payment on the mortgage. Is there any way to do this short of refinancing the loan?
Many lenders will agree to a note amendment that will reduce the monthly payment amount, if a sizable principal reduction is made. A lender would look more favorably on such a request if it learns of it before the loan is approved, rather than later. You'd be better off knowing whether your lender would agree before locking yourself into a mortgage note, too.
Be up front with any lender you approach to apply for the mortgage. Surprises aren't usually welcome.
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Many lenders will agree to a note amendment that will reduce the monthly payment amount, if a sizable principal reduction is made. A lender would look more favorably on such a request if it learns of it before the loan is approved, rather than later. You'd be better off knowing whether your lender would agree before locking yourself into a mortgage note, too. 