Hamp Loan Modification Approved But Why Is Final Interest Rate Higher than Current Market Rate
I just got approved for a HAMP loan modification and very gratetful; however, I did notice that the final interest rate is more than the current market rate, which is 4.3 this week.
Confused. Just checking.
Thanks!Mortgage Loan Modification Answer:
First of all, congratulations on your loan modification approval!
It is interesting that they did not use the current 30-yr Freddie Mac rates. You should definitely bring it up to the underwriter who authored your loan modification agreement. My understanding is that they are supposed to if it's a HAMP modification.
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