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· Contrary to popular belief, comparing loan modifications and mortgage refinancing is like comparing apples and oranges. Although they both have the potential to be very, very good for you – many of their attributes are actually quite different. If foreclosure feels imminent, or if you are just beginning to really struggle to make your monthly.
Loan Modification vs Refinancing. With loan modification, however, the lender simply modifies the existing mortgage so that the payments are more affordable. Mortgage refinancing is a permanent solution for lowering one’s monthly mortgage payment, because it locks a lower interest rate for the remaining loan term.
Contrary to popular belief, comparing loan modifications and mortgage refinancing is like comparing apples and oranges. Although they both have the potential to be very, very good for you – many of their attributes are actually quite different. If foreclosure feels imminent, or if you are just beginning to really struggle to make your monthly.
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Refinancing happens when you apply for a new loan and use it to replace an existing mortgage.Your new lender makes a payment directly to your old lender, and you pay your new lender going forward. Your loan should be smaller than it was when you originally borrowed, so you enjoy a lower monthly payment.
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Refinancing vs. Loan Modification. Financial Hardship: The key factor to be considered for a loan modification is a documentable hardship, like unemployment that reduced the household income, expenses have increased, or costly medical bills paid out of pocket.
A loan modification is an adjustment to the terms of the borrower’s existing loan, often for a short period of time to help the borrower get back on their financial feet, but the original loan is still in place. It’s the option borrowers tend to turn to if they cannot refinance their existing mortgage.
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Loan Modification vs Refinancing. With loan modification, however, the lender simply modifies the existing mortgage so that the payments are more affordable. Mortgage refinancing is a permanent solution for lowering one’s monthly mortgage payment, because it locks a lower interest rate for the remaining loan term .