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Originally Posted by Joan.of.the.Arch
They are proposing lower overall payments (have not specified the rate yet) and to finish payments two years earlier.
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If they will give you a new loan with a lower payment and a shorter term and no out of pocket costs, I'd say to go for it. You've got absolutely nothing to lose. The only thing I would do first is shop around. If they are willing to make that deal, so are other companies, so make sure you are getting the best offer.