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difference amortized housing loans and refinancing of arrears housing loans, what is the principles behind?

my housing loans is for 30 year amortized monthly. arrear for several months and want to restructure loan. what is the best
options. Difference between amortized housing loans and re-financing of default housing loans?

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One Response to “difference amortized housing loans and refinancing of arrears housing loans, what is the principles behind?”

  1. ttpawpaw said :

    It boils down to several factors, all of which will cost you money. Both are esentially new loans. The first is starting over again for 30 years with your existing mortage, your arrears, points, and origination fees. This gives credit for what has been paid towards principal. A re-fi is also a new loan. You must requalify. Considering that you are in arrears this might affect your credit rating, but you may be able to get a better rate.

    You should talk to a processor and have them determine when a break even point would be with each loan. The break even point is when you have paid off the extra that the new loan cost. The shorter the time, the better the loan. You might also consider taking out a signature loan and just pay off the arrears. This may be your best way to go.pp




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