Open Question: Rent house loan?

[Administrator]

When I took it out (I owe about 28k), they lumped insurance and taxes into the monthly amount. I've had the loan since beginning of 2008. Wife thinks I should pay taxes/insurance out of own pocket and only have rental house mortgage (which would amount to about 260/month). I'm inclined to agree with her, since the bank is making money not only off of the 28k loan, but also the insurance and taxes. Is it common for a bank to change a mortgage payment schedule after it has been started? If I change it to what my wife thinks (paying loan only on cost of house, not insurance and taxes), will this be considered a "refinance" and applicable to additional fees? I'd think that just to keep my business the bank would re-work the deal, but they have to make money, too....... as is probably obvious, i don't know much about finances, as my wife does all of our financial dealings.


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