Many homeowners with a Bank of America home loan have been seeking ways in which they can obtain a more affordable mortgage payment as economic and financial difficulties still plague many individuals. Home loan payments are something that have caused strain in the lives of countless homeowners and, obviously, these people who have fallen on difficult times are looking for a way to keep a roof over their head.
Typically, homeowners have either been refinancing their Bank of America home loan or seeking a Bank of America home loan modification in order to obtain a lower monthly mortgage payment. However, these two common forms of mortgage payment reduction are not available to all homeowners and homeowners who qualify for one of these home loan payment reduction plans will not fit into the same category.
For instance, homeowners who are refinancing their Bank of America home loan are in a position where they are able to take advantage of low interest rates that are currently being offered. Interest rates on home loans are quite low at the present time and many homeowners have been able to refinance their home loan to not only lock in a lower mortgage rate but also a lower monthly mortgage payment as well. Yet, these homeowners must be in a good financial position in order to obtain this lower interest rate and monthly mortgage payment. Also, homeowners have to be in a position where they can afford the costs that come with refinancing.
Homeowners who are trying to obtain a home loan modification from Bank of America are often in a troubling home loan situation and may face foreclosure. There have been homeowners who have become delinquent on their home loan payment or are underemployed, which has caused their income to drop substantially, and as a result homeowners are in need of a more affordable home loan payment lest they lose their home altogether. While there are traditional modifications and extension programs still available for many homeowners, typically mortgage modifications are only granted to homeowners who meet certain qualifications outlined by the Making Home Affordable Program.
While there are homeowners who are able to take advantage of low mortgage interest rates that are currently being offered and the number of permanent home loan modifications that Bank of America has offered are own the rise, homeowners who are seeking a more affordable home loan payment must take stock of their financial situation to see which route will be best for them. While refinancing is not always in a homeowner’s best interest nor is obtaining a modification, these options may be unavailable for certain homeowners.
Homeowners who are struggling to make their home loan payment are often advised to contact their mortgage servicer, consult the Making Home Affordable website, or seek out a HUD-approved housing counselor for assistance with their mortgage. However, homeowners in a decent financial standing but who may be looking for a more affordable mortgage payment must take stock of their financial situation to see if they can afford the costs of refinancing and if it will be in their best financial interest.