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greggwyburn · Joined: 13 Sep 2009 Posts: 60 0.00 Dollars($)

I am confused. In most of the cases, people are opting for loan modificaion so that monthly mortgage payment remains affordable for them.

But on the other hand will it be a costly process for individual?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

In the long term they may end up paying more in interest, if they keep the loan for the extened terms

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

yes. one has to pay back mortgage as fast as possible. reducing monthly installment simply means longer duration of mortgage. in other words you are paying more.

But you do not have any other option.

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

Definately it is costly as you are paying more interest.
So one should select low term mortgage loans to minimise interest payable.

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

and you will get better interest rates with shorter duration mrtgage

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

Yes in long run it will help and also you can negotiate with your lender.

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