Many homeowners with a J.P. Morgan Chase home loan have sought a cheaper, more affordable monthly mortgage payment and have either been using refinancing or a home loan modification to do so. However, homeowners often wonder which route is going to be the best for them but when it comes to a homeowner’s financial situation, usually only one path is available.
For instance, before a homeowner can benefit or even qualify for refinancing they usually have to have equity build their home, a great credit score, and must be able to afford the costs of refinancing. A homeowner with an underwater mortgage would not be able to refinance their home in the traditional manner but would have to go through the Obama Home Affordable Refinance Program.
Yet, homeowners who may have missed mortgage payments and are delinquent in their home loan, which may disqualify them from refinancing, may be able to obtain a home loan modification. While there have been many troubles and homeowners have been critical of lenders, there are more and more permanent home loan modifications being made but homeowners must go through a very tedious and sometimes lengthy process before obtaining a modification.
Homeowners who can refinance are often advised to talk with various lenders seeing as how J.P. Morgan Chase will not be the only financial institution who can refinance their home while. Yet, if a homeowner’s only option is a modification that may want to consult the Making Home Affordable website and talk with their current mortgage lender.