What's the difference between home loan modification and mortgage refinancing?
- Home loan modification is modifying the existing terms and conditions of your current mortgage. Usually a fee is required upfront. It usually takes about 90 days. On average this fee amounts to about 3000 dollars. Usually a modification is done only when you present a significant risk to the lender, such as upside down mortgage, loss of job, illness, or a drastic increase in rate or payment usually you are behind in your payments. No credit check is required. Mortgage refinancing is selling your existing mortgage note to another lender by increasing the loan amount to cover the costs ociated with the refinance. Usually this ends up costing you more money than a mortgage modification about 3000 dollars for every 100000 dollars financed. You need good credit to refinance
- No, they are not the same thing. Which one is best for you will very much depend on your personal circumstances, but do try and get quotes for both before making a decision. If you are behind on your payments than loan mod is your option
- A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can not then you do not and the obama plan will give you a fixed interest rate instead of an adjustable one A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification
- No. home loan modification can mean lowering your overall debt to the bank / mortgage holder. Refinancing doesn't imply this at all. go to my blog for more info. home - loans - jd. blogspot.com /
Knowledge Base
30 year fixed? 2 / 1 arm? i need a loan with no pmi and low points and the lowest possible mortgage payment a month. what im working with: credit score 600 annual ets salary 34500 monthly debt: 70 house loan amount: 106000 available to put towards closing costs including (mortgage loan)
i have lost my job and am now working as a cashier at a grocery store. the problem is that my new salary is not enough to cover the mortgage. i am in a very tight situation so i am curious to know my options. i have heard that applying (mortgage refinancing)
am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. however, the loan application is requesting all expenses listed on my credit report. are these loans not in repayment included in my expense (mortgage lenders)
Knowledge Base: Mortgage
is it possible to get mortgage loan with collections on your credit report 17 in all 8 paid in full, 3 reported more than once by different collection agencys which i disputed on / in 1 - 07. the other 9 are medical bills from 2 from 2002 2 from (mortgage)
i have lost my job and am now working as a cashier at a grocery store. the problem is that my new salary is not enough to cover the mortgage. i am in a very tight situation so i am curious to know my options. i have heard that applying (home mortgage)
even though i am making payments on time with my home mortgage. can lose my home if if my lender declares bankruptcy?. no. if your lender goes bankrupt, the bankruptcy trustee will appoint someone to manage the current accounts. you will be protected. good luck. no, what happens is all (mortgage loan)
the recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. big businesses then had to (home mortgage)
help! my wife and i would like to buy a home and / or land. i know that we can afford a payment of $400 a month, and we do not need anything special. a $40, 000. 00 loan would be sufficent. - problem is: i have no clue how (home mortgage)
Knowledge Base: Mortgage Refinancing
i recently went in with my parents on a 5 year fixed mortgage. they could afford the house without me but i put my name on it to get a housing allowance from my company. i now want to buy my own home but require my name off the mortgage (mortgage refinancing)
i refinanced 4 years ago for 15 yrs. would i be better off refinancing for 30 yrs and paying more on my principal each month?. no. it will cost you to refinance & you are adding 19 years back on your loan. it is to easy to not pay extra (mortgage refinancing)
my husband and i have taken a mortgage on our house about 4 years ago. i know this is going to sound stupid, but if we refinance, do we get our equity back, just like we would if we were to sell it? i am confused about that bit. i (mortgage refinancing)
home loan modification vs mortgage refinancing, are they the same thing?. no. home loan modification can mean lowering your overall debt to the bank / mortgage holder. refinancing doesn't imply this at all. go to my blog for more info. home - loans - jd. blogspot.com / . a mod (mortgage refinancing)
i have a loan contract with a person on the le individual property grant deed in which the contract for the loan "shall continue until the property is sold". even though i am not selling the property, i have offered a buyout amount for his 10% share and he is (mortgage refinancing)
Knowledge Base Categories:
- Mortgage
- Mortgage Lenders [8]
- Benchmark Lending [2]
- Mortgage Loan [11]

