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Company Loan Type APR Est. Pmt.

Maturity date increase significantly

Posted on: 16th Feb, 2012 11:12 am
im in the process of a loan modification, it was approved and pending my signature on the approval docs, however the maturity date on the loaned increase by 10+ years, is that normal..? also can i refinance after a loan modification if i wait atleast one year and work on my credit? is payin ur mortgage payments on time after a remodification going to help my credit score?
There are multiple ways to refinance a loan. Most of the time a person would call their institution and make the request. This might come with a fee. Another way is to seek out a different institution with a better rate and term. Do your homework before approaching institutions.

:idea:
Posted on: 16th Feb, 2012 06:31 pm
Welcome Guest,

Yes, it is quite normal. The term period has increased because the delinquent loan amount has been added to your loan. Given the changes in rates, you will take more time to pay off the loan in full. So, the term period has been increased. If you pay as per your payment plan and have some equity in your property, then you will be able to get a refinance. Moreover, paying the loan on time will help you in increasing your credit scores.
Posted on: 16th Feb, 2012 08:38 pm
Yes, It may increase your credit rating score but you have to follow all the loan modification process completely and pay all the due in time.
Posted on: 16th Jul, 2012 11:25 pm
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