---

the difference between a refinance and a renewal

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Staylor Joined: 06 Jul 2009 Posts: 1 1.00 Dollars($)	Posted: Mon Jul 06, 2009 12:09 pm    Post subject: the difference between a refinance and a renewal Like 0 Dislike 0 I have a loan on the books for $47,354 acct #12345 rate 8.00 maturity date 06/18/09 or 60 months. so on 6-18-09 we do another note same account 12345 loan amt is for 37,601.00 no cash to customer. recorded a new mortgage and the rate is 6.50 for 36 months. Would this be consider a refinance or just extending our loan and no new documents would need to be sent out????
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Tue Jul 07, 2009 1:34 am    Post subject: Like 0 Dislike 0 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.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0