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Answers (5)
Best Answer
- sunnyview
- Contributions:25139
The interest rates look pretty reasonable. How much is your mortgage amount and how much is the house worth now?
- Dan, "the_country_hick"
- Contributions:4697
That balloon payment is going to be a real bear in 25 years.
The rest sounds alright.
Can you get something else without a balloon payment?
The rest sounds alright.
Can you get something else without a balloon payment?
- sunnyview
- Contributions:25139
I am not lender, but it sounds like a decent deal to me. It will will get you a fixed rate at low interest, allow you to keep you home and should give you better financial stability over the long term.
Do you know if you can sell or rent out the house before the end of the loan term in case you ever needed to move? Would you be able to cover your basic mortgage costs with rent if you needed to rent it out? If you can that gives you pretty good flexibility.
Do you know if you can sell or rent out the house before the end of the loan term in case you ever needed to move? Would you be able to cover your basic mortgage costs with rent if you needed to rent it out? If you can that gives you pretty good flexibility.
- gsteele7
- Contributions:2
The mortgage is 180,000.00. The house is now worth 105,000.00. The Modification is now being offered because My current loan is a Adj. rate, adjusting every 6 months up to 11% max. Paid 210,000.00 for it in 2006. current interest rate. 6.74
- Gordon Crawford, "Gordon Crawford"
- Contributions:15
It is not clear what your question is. In general, with any loan modification offer you may benefit by having a real estate attorney review the terms and conditions of the modification offer. Some lenders are notorious for not living up to their end of what appears to be a legitimate offer to modify. There are countless stories of families that have been foreclosed upon despite their belief that they had complied with the terms and conditions set forth by their mortgage lender in a loan modification.
Some banks and institutions are much worse than others so do not go it alone.You do not want to risk thinking you have a legitimate modification, and then discover that the lender will take legal action against you in the future. An attorney review may be cheap insurance against a nasty surprise down the road.
Best of luck!
Some banks and institutions are much worse than others so do not go it alone.You do not want to risk thinking you have a legitimate modification, and then discover that the lender will take legal action against you in the future. An attorney review may be cheap insurance against a nasty surprise down the road.
Best of luck!
I was offered a modification, Step rate loan w/ balloon
2% for 1-5
3% 6
4% 7
4.12 8-25
End of term 25th year balloon of 77,000
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