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Home > Frequently Asked Questions > Loan Payment Change - Not all of the Money is Needed for the Water Project Loan  

Frequently Asked Questions: Loan Payment Change - Not all of the Money is Needed for the Water Project Loan

Title

Loan Payment Change - Not all of the Money is Needed for the Water Project Loan   

Program Area

Loans & Grants 

Specific Program

Water Project Loan Program 

CWCB Section

Finance 

Question

I did not need all of the loan money. Will my payments change?

Answer

You have the following two options:
  1. You may keep the annual payment the same and reduce the number of payments to pay off the adjusted loan balance; or
  2. You can request that the loan be re-amortized and the amount of the payment reduced leaving the term of the loan the same. An amendment to the contract is required for a change in the annual payment amount.
Attachments
Created at 6/30/2010 3:08 PM  by System Account 
Last modified at 6/30/2010 3:08 PM  by System Account