Financing in 60411>Question Details

Anna,  in 60411

what is the difference between refinancing and modification?

Asked by Anna, 60411 Thu Oct 20, 2011

0 votes Share Flag Financing in 60411

Help the community by answering this question:


Refinancing will involve paying for appraisal, title report, escrow & other lending fees. You will need to be in an equity position on your home (in most cases) and credit worthy. You can refinance with your current lender or any lender you choose.
A loan modification is done with your current lender. You request that your rate and in some cases loan balance be modified to reflect the actual value, assuming its gone down and your ability to afford the home. Loan modifications are typically done when someone does not have equity and is having difficulty maintaining their payments due to a hardship.
1 vote Thank Flag Link Thu Oct 20, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer