Loan Modification vs. the Refinance Loan Tulsa OK Option
Due to the recent economy dip, many homeowners have trouble making mortgage payments. In the past, the only option would be refinancing. While refinancing a loan can get you a lower interest rate, it only works for those with good credit.
The loan modification program allows homebuyers to modify their current loan even if they have missed some payments. Banks are encouraged to modify home loans with federal incentive programs. Homeowners can expect to decrease their interest rate up to 2%.
In addition, late payments and missed payments are added to the loan modification. This is not an option for refinancing. Homeowners who have missed payments generally won’t qualify for refinancing. The loan modification program considers the current economy and does not hold missed payments against the homeowner.
The best part about loan modification is it can stop foreclosure. Many homeowners, who would otherwise face foreclosure, can apply for loan modification. Many times, the very people who need refinancing because of financial hardship are turned down. This is the exact opposite for loan modifications. People struggling to make mortgage payments can file a hardship request. This is the first step in securing a loan modification.
A refinance loan is still a good option for many homeowners. Not everyone qualifies for a loan modification. In this case, refinancing your mortgage with a better interest rate may be right for you. The only way to know is to contact a local lender and talk it over. They should give you all the information you need to make the right decision.
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Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
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