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anyway to lower the monthly?

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info acquired from a friend:


120K balance. last month interest was 6 percent and she's been paying interest only of about 550 per years. a quick check of amortization schedule appears the bank amortized over 30 years as 550 falls right in line with 1st month interest with no declining balance. the mortgage is on the county site as open end mortgage. 


sole goal is lower monthly payment but other than trying a new heloc/refi, i cannot see any other way and fees may make that not even worth it. so i told her shes stuck

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