Posted on: 24th Aug, 2009 04:00 pm
My bank has offered me a loan mod by extending my term to 40 yrs at 5.25% for the 1st 5yrs and then after the 5th year it goes back to the original loan. Im currently at 27 years and 6.5%..I can afford my current payments right now.... is this a good deal for me?
Also, do I pay closing costs on a loan mod? and is their a prepayment penalty on a loan mod?
Also, do I pay closing costs on a loan mod? and is their a prepayment penalty on a loan mod?
gfrancoacevedo
Welcoem to the forum
6.5% to 5.25% for the first 5 years is a good deal. About the prepayment penalty, you need to check this with your lender
Also some banks are not charging any closign fee for loanmodification
Most of the answers for yoru questiosn, you will get it from your lnder
Good luck and feel free to ask
Welcoem to the forum
6.5% to 5.25% for the first 5 years is a good deal. About the prepayment penalty, you need to check this with your lender
Also some banks are not charging any closign fee for loanmodification
Most of the answers for yoru questiosn, you will get it from your lnder
Good luck and feel free to ask
Forgot to mention
It is a good deal, if there is nto prepayment penalty and if you pay at lower rate for next 5 years and pay off reast of the loan in 22 years after the first 5 years
It is a good deal, if there is nto prepayment penalty and if you pay at lower rate for next 5 years and pay off reast of the loan in 22 years after the first 5 years