Mortgage Forum

Mike

After getting my primary residence loan modified from a MTA pay option ARM with CountryWide to a 5 year fixed Interest only at 4% I then began working on my rental property with WAMU. I had a MTA pay option on this property also. I was approved for a step up loan modification which is the following. Fixed at 3% for 2 years then 4% for the 3rd year and the 5% for the life of the loan ( 30 years ) This is a traditional loan not an interest only. So I went from paying one amount and having deferred inetrest every month to paying 200 less for the next 2 years and actualy paying down principle. When the loan goes to 5% it will be about what I am paying now on the minimum payment option but I will be paying down balance instead of watching it go up. Both of my homes saved in less then 3 months! Thanks everyone!