Sunday, February 13, 2011
Debunking 4 Myths of Home Loan Modifications
A lot of homeowners are in need of a home loan modification, but most of these folks are wondering where to turn for service or feel they do not meet the qualifications. Myths abound about almost every type of financial help, but with the existing troubled economy, folks need to know the truth about modifying their home loan.MYTH: A mortgage modification is just a refinance.A modification of your loan is a totally different transaction from a refinance. A refinance restarts your loan under new terms, while a loan modification makes changes to your existing mortgage for a lessor rate and lower payment. A refinance can be a benefit to those that have experienced a decrease in their home value and wish to have their mortgage reflect
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment