A mortgage modification is a bit different than mortgage refinancing, but it offers a great option to homeowners who are struggling to pay their current mortgage or simply wish to obtain more favorable terms. In today’s article from lending professional and loan officer Sonia Krietz, we’ll explore how mortgage modification works and who can benefit from a loan modification.
What is Mortgage Modification?
Mortgage modification entails the revision of the terms on your mortgage. The modification can impact different areas of your home loan, including:
• The term or length of the loan
• The interest rate
• The monthly payment amount
Who is Eligible for Mortgage Modification?
You may be eligible for a mortgage modification if you are unable to meet the criteria required to refinance. The requirements for a modification tend to be lesser in most cases.
You may also be eligible for a modification of your home loan if you’re facing a long term hardship. In cases where you’re going to have trouble making your monthly home loan payment, you may be eligible to revise the terms.
In addition, you could be eligible for a loan modification if you are several months behind on your mortgage or are at imminent risk of falling behind.
Let Loan Officer Sonia Krietz Help With Your Mortgage Modification
If you’re ready to get a home loan, wish to refinance a mortgage or need help with credit repair services before you obtain a new loan, contact lending professional and loan officer Sonia Krietz, with Security National Mortgage Company. In addition to offering mortgage loan lending services, Sonia can also guide you through the process of repairing your credit and maximizing your FICO score so you can increase your chances of not only getting approved for a mortgage, but you may also be eligible for a lower interest rate!
Readers may also wish to learn more about the difference between pre-qualification and pre-approval for a mortgage loan, along with what factors impact interest rates.
Also be sure to read Sonia’s related article to learn more about home loan refinancing and how refinancing works.
You may wish to complete the pre-application form and Sonia will be in touch to help you proceed through the process. If you have any questions or concerns, you can also contact Sonia Krietz by phone at 916.385.9716.