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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Appearances
WSJ Your Money Briefing · Lower Your Mortgage Interest Rate With No Refinancing · 27 Sep 2019
podcast
There's also you have to qualify for the loan.
So they have to scrutinize all of the stuff that they scrutinized, you know, when you originally got a loan on your home and they charge for it.
You know, as you know, if you've ever looked into refinancing, there are lots of fees attached to it.
And then sometimes you pay points and it can get kind of pricey.
So the different lenders I talked to, those who were willing to talk to me about doing this, because it can be a little bit of a kind of stealthy, almost slightly secretive thing that they do.
But the lenders I talked to, they talked about, well, you could do it once a year.
That was in some cases, lenders limited to doing it once a year.
Other lenders said they have to make sure that they are doing the modification in a place where property values are not tanking.
They don't want to kind of get into deeper business with somebody whose property is actually going south.
They're looking for people who pay the bill.
If you're not paying your loan on time, they don't want to keep you.
They don't want to...
give you a loan modification.
That was one of the qualifications.
Other things that some lenders talked about looking for was that nothing has really changed.
Let's say you were married when you took out that original loan.
They want to see those same borrowers on this one.
It's easy to change stuff around in a refinance.
You can even take cash out or put different borrowers into that loan.
Everything has to really remain the same in a loan mod.
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