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Real Estate
Reply to "Asking current mortgage holder to reduce interest rate"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You can call it whatever you want, but it's a refi -- so you might as well talk to as many lenders as you can.[/quote] it's a loan modification w/current lender - you can reset the rate and clock stays the same. if you switch to a new lender, it's a refi and you are reset to a 30-year clock (assuming 30 yr mtge here). loan mod is much easier on you paper-wise (no closing -- just some docs from your lender), but a pp is right that lender may not have incentive to change.[/quote] The incentive would be to keep my business (although rates are so low they may not care). I can refi, but it's a huge hassle, and I have to pay closing costs. But, if they knock the rate down a bit, I'd forgo the refi, even if the refi was for a slightly lower rate. I don't need a modification, but I do have the opportunity to save some money, and I will do that with another lender if they won't accommodate me. [/quote]
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