Home Loans and Support

HAMP Interest Rates are dropping

Discussion in 'Loan Modification' started by NeedAdvise, Jul 15, 2010.

  1. NeedAdvise

    NeedAdvise LoanSafe Member

    The intest rates have been dropping according to weekly survey rates on the Freddie mac site. I wonder how am I suppose to know what rate I will be locked into when offered a Hamp if I am at the max rate for 25 years. Does it lock at the trail offer date or at the end of your trial payment period. I have been offered to start the Hamp trial but the offer is undated? Don't the banks have an advantage to not date these agreement papers so they can back date the rate since its is falling?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Interest rates fluctuate all the time so its hard to tell exactly what interest rate they are going to offer. I'm thinking they will offer whatever the fair market rate is when they officially approve the modification and complete the docs..
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