Homeowners with Wells Fargo that are looking for ways to make their home loan payments more affordable may benefit from refinancing to a lower mortgage rate. Mortgage rates are currently quite low, around or below 5%, and many homeowners that have been refinancing have also enable to bring in a lower monthly payment on their mortgage.
Obviously, the mortgage rate a homeowner receives is dependent upon their credit score, so not everyone is going to benefit from refinancing. However, homeowners who are in good financial standing but maybe having trouble meeting their mortgage payments due to unemployment or underemployment may be able to get a lower monthly payment by refinancing their mortgage.
There are other mortgage assistance options available for homeowners who are struggling, yet most of these options are for homeowners who are in a dire situation, have become delinquent in their mortgage payments, or have seen the value of their home declined substantially.
While there are ways other than refinancing to make your home loan payments more affordable, keep in mind none of these routes are guaranteed or easy. Even with refinancing you must be sure that you can afford the costs that come with doing so and make sure that you are on firm financial ground so that you can continue to pay the mortgage payment that you receive, if indeed it is lowered through refinancing.