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I have modified my loan to a 4.6% rate....will that be for original loan or loan as it is now?

Sister Jean 2012/08/29 19:04:59
Related Topics: Loan, 6
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I am so dumb when it comes to $$$$$$
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  • marty 2012/09/03 03:44:17
    it's
    marty
    for a current loan as any new or modified loans would have you paying out a higher interest rate...unless the bank/lenders REALLY love you.
  • Moose 2012/08/30 18:53:14
    I think
    Moose
    +1
    it's based on the remaining balance....
  • JP 2012/08/30 14:21:00
    I think
    JP
    That you should shop for a better deal as the refinance rates are very favorable...if you are only borrowing on your loan 60% of the home's value you should get into the mid to high 2% range, 80% values in the high 3% range.

    If you have signed paper work, 4.6% is your new rate...not so bad anyway!
  • Moonage 2012/08/30 13:02:06
    it's
    Moonage
    +1
    The original loan doesn't exist any more. You've gotten a new one It will have a new duration as well. When you sign(ed) the closing, it should have had a closing form that explains your monthly payment, any escrowed payments, the duration, the interest rate, and the total cost of the loan.
  • cjd 2012/08/30 01:58:06
    it's
    cjd
    +2
    should be for the balance of your loan but make sure your loan officer answers all of your questions
  • Sister ... cjd 2012/08/30 14:34:19
    Sister Jean
    +1
    thanks
  • pdt_ski 2012/08/30 01:45:48
    I think
    pdt_ski
    Is this new rate fixed or variable? Does it lengthen the term of the loan?
  • Jackie G - Poker Playing Pa... 2012/08/30 00:59:38
    it's
    Jackie G - Poker Playing Patriot
    +1
    Best make sure the lender explains it in detail to you and ask as many questions as you need to until you fully understand it. Do not go by what anyone on here tells you - only your lender can give you the correct answers

    In most cases, it means what you own but can also mean additional charges for loan processing etc.
  • jc 2012/08/30 00:45:11
    it's
    jc
    +1
    They modified my buddies loan and made it more affordable,so he would not lose his home.So,it's going top stay like that.
  • Gracie - Proud Conservative 2012/08/30 00:34:41
    it's
    Gracie - Proud Conservative
    +1
    I depends on what kind of loan you got, is it a fixed rate or an adjustable rate? I would hope it's fixed. It applies to whatever your balance is and fees.
  • Transquesta 2012/08/30 00:31:34
    I think
    Transquesta
    +1
    Loan as it is now I believe. Unless you're talking about a second mortgage.
  • Tee Quake 2012/08/30 00:30:31
    it's
    Tee Quake
    +1
    a very good question.
  • Alvin 2012/08/29 23:35:14
    I think
    Alvin
    +1
    It should apply to the balance of your loan at the time of refinancing
  • Sister ... Alvin 2012/08/30 00:07:39
  • Alvin Sister ... 2012/08/30 00:12:45
    Alvin
    +1
    You are ever so welcome!
  • w2xad 2012/08/29 23:17:51
    I think
    w2xad
    you can keep it at that % rate!
  • ehrhornp 2012/08/29 19:54:06
    it's
    ehrhornp
    +1
    It depends upon what exactly you did. Whenever we amended our interest rate we had to take out a new loan. But if your existing loan was just modified, say rate was reduced from 6 to 4.6 I would say that rate will be from now. Banks don't give money back. So your old payments are history.
  • Jan Haskell 2012/08/29 19:42:03
    it's
    Jan Haskell
    +1
    The current amount ... congrats!
  • Sister ... Jan Has... 2012/08/29 20:11:44
  • Mrkando 2012/08/29 19:09:57
    it's
    Mrkando
    +1
    If you mean by this that you have just refinanced your loan to a lower rate then it is based upon what ever it currently is. Of course there will no doubt be fee's attached for the process but you have payed down the original amount and the current amount is what your refinancing.
  • Sister ... Mrkando 2012/08/29 19:12:55
    Sister Jean
    +1
    thanks that's why it's just a modified..no fees thank God
  • Mrkando Sister ... 2012/08/29 19:14:54
    Mrkando
    +1
    Good for you! :-)
  • Missile 2012/08/29 19:09:26
    it's
    Missile
    +1
    for the loan as it is now.
  • Sister ... Missile 2012/08/29 19:13:08
  • ♒ßεllεchεvεllε®♒ 2012/08/29 19:06:14
    it's
    ♒ßεllεchεvεllε®♒
  • Rustie 2012/08/29 19:05:51
    I think
    Rustie
    +1
    Should be on the current amount still owed from the original loan.
  • Sister ... Rustie 2012/08/29 19:14:10
  • Rustie Sister ... 2012/08/29 19:15:25
    Rustie
    Lender can clarify that (just call them)

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