Loan Modification vs. refinance-which is the best option for you? While a refinance may offer a lower interest rate, qualifying under today’s tougher credit criteria may pose a challenge. A loan modification does not require a high credit score, and your existing loan is modified to a more affordable payment.
Under the new program, several loan modification and refinancing options became available. Those with FHA loans who qualify for help under. loan modification vs Refinance A loan modification is the modification of the existing loan; a refinance is the act of obtaining a new loan with a new lender.
In a loan modification, the original lender is doing the modifying, and borrower would work only with them. The process of refinancing is often very straightforward, with the borrower meeting with the lender perhaps only once or twice. The process normally takes 30-45 days. loan modifications can take longer and can be more stressful.
Home affordable refinancing loans are for borrowers who are current on their mortgage payments–in this case, "current’ is defined as being no more than 30 days late on any home loan payment in the last 12 months. home affordable Loan Modification Programs are different; borrowers are eligible when they got their FHA mortgage or conventional.
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A loan modification is when you negotiate with the lender who has given you the loan, to change the original terms of the loan that they gave you, while a mortgage refinance is when you get an entirely new loan from some time a different bank, which pays off the old mortgage loan that you have.
According to our internal auditor, we can use Change in Terms Agreement (or Modification Agreement) only if we make minor changes to a consumer loan (e.g. extend the term by 2 months). If we are changing the rate from variable to an ARM, extend the matirity by 1 year, term out a balloon, etc., we need to re-disclose and that means to refi.