My personal loan try a good Va financing owing to PennyMac I am considering choosing the improve modification financing procedure, it said I’m into the a go period and you can during the that point create step 3 payments on time following I can receive my personal plan on the new modified loan terminology/price. In the event the I am not saying proud of whatever they promote is refuse the new promote, pay lump sum We are obligated to pay and keep maintaining my current title/price? This is a good concern, Sandra. You need to have the ability to spend a lump sum payment and you will continue to create your repayments beneath your current mortgage terms. What you need to be mindful out of is when you will do nothing like the brand new terms and conditions they give you after the demo months, you could potentially are obligated to pay significantly more since i guess the brand new demo money is actually lower than the important payment before COVID? When you are capable spend the money for skipped payments, that’s most likely their cheapest solution. Interest levels are incredibly low in the present market you to any percentage rescue they supply you can even are located in the way in which away from stretching the phrase of the loan.