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
At least one lender told me that would be the case.
Yeah, that would complicate it.
And they don't want complexity.
It's a simple operation, right?
You just sort of go into that loan that you have in your books and you change the rate.
But what they don't want to do is introduce a lot of risk on their part into the equation.
So if something has really changed in your life, they may scrutinize that.
Let's say your credit score plummeted or you became self-employed.
There are lenders who would ask
about that, and that would disqualify you from their loan mod program.
Although I talked to other lenders who said, no, it wouldn't.
They really are offering the loan modifications to all of their borrowers.
So it really depends on what lender you're facing.
The fees are a lot lower in a loan mod.
One credit union told me they charge a maximum of $1,500.
If you've ever done a refinance, that can look pretty good.
The fees on refinances really depend on what you're doing.
But they can be a lot higher than $1,500.
Another credit union told me about charging a flat $3,000 fee.
A financial advisor I talked to who gets a lot of loan mods for clients through this program he's involved in with Bank of New York Mellon, he said his clients are paying about $2,000 for loan mods.
Showing 41–60 of 175 · page 3 of 9
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