I am trying to modify my mortgage, Is it possible to apply for a modification on my Home Equity line as well?
Tags:bank of america, equity loan, home equity loans, home mortgage, loan provider,
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I have a hitch 100,000K in home equity which we used as good as have payments monthly, we am perplexing to get a alteration upon my home Mortgage, so during a same time do home equity loans get alteration as well, if we call a bank of America (my equity loan provider) can we ask for alteration upon a Equity Loan?
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You can… but why??
Equity lines have floating rates.. not fixed…
The smartest thing is to combine your mortgage and home equity into on mortgage.
Yes you can do a rate modification on a home equity installment loan. The bank I work for charge a $50 processing fee for the rate modification, and if you qualify, they just send a later in the mail with the new rate and payment amount.
yes you can. But if your home equity has a low fixed rate it is not advisable.
But if it is ending soon and your rates will go up then you can.
We did 1 for our customer as his rate ended and would go up to 6%.
So we did a loan mod on his property , included the home equity line of vredit of $231000 and now he has a 4.75% fixed for 30 yrs. His payment went down approx$995.00 monthly.
If you need help look me up in my profile.
Thanks
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