Wells Fargo Mortgage Modification Programs Or Home Loan Refinancing–Which Is Best?

There are homeowners with Wells Fargo that are still struggling to make their home loan payment and may be looking for ways to obtain a more affordable monthly mortgage payment. Some homeowners have used refinancing to their advantage, but this will not be the case for every homeowner as many will have to turn to a home loan modification for help.

Homeowners who are delinquent in their home loan or have missed payments are more than likely be able to qualify for a home loan mortgage modification. The program requires that homeowners be in a delinquent status before they can take advantage of some of the plans from the Making Home Affordable Program.

When a homeowner who needs a lower monthly mortgage payment is in a good financial standing they may be unable to obtain a mortgage modification due to the constraints of the program. However, if a homeowner can afford the cost of doing so and it will be in their best interest, they may be able to get a lower mortgage rate and monthly mortgage payment by refinancing their home loan.

It’s being advised that homeowners who are struggling to pay their mortgage should contact their lender and ask about options for mortgage assistance. Homeowners who may be able to refinance are often told to talk with multiple lenders to see who can offer them the best interest rate when they do refinance their home.

However, homeowners that are seeking a modification will need to speak with their lender or consult the Making Home Affordable Program’s website in order to see if they qualify for a modification or other form of mortgage assistance. Mortgage assistance has not been easily available for many homeowners and it may be a difficult road but any homeowner who fears losing their home needs to take every avenue they can in order to avoid foreclosure.