Quick Home Loan Modifications to Reduce Your Mortgage Payments
With a home loan modification, individuals have an opportunity to take advantage of these programs to reduce their monthly mortgage payments, which is allowing millions of people to keep their homes. It's an easy process that your lender should be willing to discuss with you, and it can save as much as $250 a month off the cost of your loan.
How does a home loan modification work?
As the name implies, a mortgage modification is simply taking your existing mortgage terms and making necessary adjustments in order to make your monthly payments affordable. In some cases that just means knocking a few percentage points off your mortgage interest rate. If that isn't enough, lenders are willing to stretch your mortgage out an additional 10 years to significantly reduce your payments.
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