Posted on: 06th Jul, 2009 12:09 pm
i have a loan on the books for $47,354 acct #12345 rate 8.00
maturity date 06/18/09 or 60 months. so on 6-18-09 we do another note same account 12345 loan amt is for 37,601.00 no cash to customer. recorded a new mortgage and the rate is 6.50 for 36 months. would this be consider a refinance or just extending our loan and no new documents would need to be sent out????
maturity date 06/18/09 or 60 months. so on 6-18-09 we do another note same account 12345 loan amt is for 37,601.00 no cash to customer. recorded a new mortgage and the rate is 6.50 for 36 months. would this be consider a refinance or just extending our loan and no new documents would need to be sent out????
hi staylor,
whether you go for a refinance or a second mortgage, you'll have to sign the documents as you would be getting new terms and conditions for your loan. from the details that you've mentioned here, it seems that your lender has refinanced the mortgage for you. if the lender had extended the loan, then he wouldn't have changed the interest rate to pay off the loan.
it would be best if you could speak to your lender and check out if he has refinanced or extended the loan.
take care.
whether you go for a refinance or a second mortgage, you'll have to sign the documents as you would be getting new terms and conditions for your loan. from the details that you've mentioned here, it seems that your lender has refinanced the mortgage for you. if the lender had extended the loan, then he wouldn't have changed the interest rate to pay off the loan.
it would be best if you could speak to your lender and check out if he has refinanced or extended the loan.
take care.