Katy McLaughlin

speaker

175 appearances 2 recordings 1 series first heard Jul 2019 last heard Sep 2019

Katy McLaughlin’s voice in public audio — every appearance, attributed to the second.

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A loan modification is a much simpler process.

This is for loans that a lender has on their own book.

So they own this loan and they basically just go in there

You know, they make sure you meet a couple of their criteria.

They go in there and they lower the rate and then you pay that rate for the rest of the life of your loan.

Let's say you were five years into paying down a 30 year fixed and you had locked it in at four and a quarter.

But but now rates are down to three and three point seven five.

They just lower it to that.

And then you pay that from here on out.

No, you're just really the only thing that's changing is the rate that you're paying.

All the terms of that loan remain the same.

A refi is a really different deal.

A refi is basically getting a new loan, right?

You retire the old loan that you had.

You take on a new loan.

It has a new rate.

Hopefully you get a lower rate, um,

It might have some different terms.

You might pick a different type of loan.

But it but you would start from day one and you'd start that amortization table from day one.

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