Posted on: 29th May, 2009 12:09 am
Hi. This will be a little long as I want to make sure I explain everything.
I have a 30 year fixed with Taylor, Bean and Whitaker. If I'm not allowed to mention names please forgive me. Anyway, last October I missed a payment and have been on a repayment. I contacted them about a modification. After several months of them not getting the info right they finally said I was approved. I asked one person specifically if this was a modification because of all the fees. She said yes it was. A couple of days later I'm contacted so that they can send me the papers and I ask that person and she tells me it's a refi. I told her that I wanted to see about at modification. Long story short, she said I had to speak to someone else about that. That was last week. I contacted TBW today and after a lengthy time on hold I spoke to customer service and somehow we got disconnected.
Can someone please advise me of what I should do? The refi would go from 7% down to 5.25%. I know that this would save me about $200 a month, but then my loan goes from $101,500 to $104,000. I just don't know what to do at this point. I need to get my payment down but I want to make sure I'm doing the right thing and not just jumping into something I shouldn't be doing.
I have a 30 year fixed with Taylor, Bean and Whitaker. If I'm not allowed to mention names please forgive me. Anyway, last October I missed a payment and have been on a repayment. I contacted them about a modification. After several months of them not getting the info right they finally said I was approved. I asked one person specifically if this was a modification because of all the fees. She said yes it was. A couple of days later I'm contacted so that they can send me the papers and I ask that person and she tells me it's a refi. I told her that I wanted to see about at modification. Long story short, she said I had to speak to someone else about that. That was last week. I contacted TBW today and after a lengthy time on hold I spoke to customer service and somehow we got disconnected.
Can someone please advise me of what I should do? The refi would go from 7% down to 5.25%. I know that this would save me about $200 a month, but then my loan goes from $101,500 to $104,000. I just don't know what to do at this point. I need to get my payment down but I want to make sure I'm doing the right thing and not just jumping into something I shouldn't be doing.
hi jinky,
though the total amount of the loan will go up, you should note that you would be able to save $200 at this point of time. if you go for a loan modification, your interest rate may reduce but your loan term will get increased. if you feel that you can afford the payments, you should go for the refinance.
though the total amount of the loan will go up, you should note that you would be able to save $200 at this point of time. if you go for a loan modification, your interest rate may reduce but your loan term will get increased. if you feel that you can afford the payments, you should go for the refinance.
Thank you for your response. I'm going to call them and tell them let's go with the refinance.
Yes this is a good deal.