Wells Fargo homeowners who have been looking for a lower monthly mortgage payment on their home loan have been able to accomplish this goal and a variety of ways over the past months. While not every homeowner who has been looking for a way to get a more affordable home loan has been successful, homeowners who are either distressed or in a good financial position have found ways in which they can make their mortgage more affordable.
Troubled homeowners have been able to use the home loan modification program from the Obama Administration’s Making Home Affordable Program. While there have been other extensions of this modification program, there has been an increasing amount of homeowners who have been granted a permanent home loan modification from month-to-month, which has helped many keep their homes. Mortgage modifications have offered some homeowners either a lower interest rate or have allowed them to extend the terms of their home loan so that they can get a more affordable monthly mortgage payment. Wells Fargo has also participated in programs like the Second Lien Modification Program, foreclosure prevention plans, and has offered assistance to homeowners who may be suffering from an underwater mortgage.
However, homeowners with Wells Fargo have also been able to use refinancing as a way to lower their monthly mortgage obligation. Interest rates on home loans are quite low at the present time and, as a result, many homeowners have been able to refinance their home loan and obtain not only a lower rate but a lower monthly mortgage payment as well. However, refinancing is not something that is beneficial for every homeowner and should not be entered into lightly. There are costs associated with refinancing and qualifications before homeowners may benefit, so homeowners must make sure they meet the standards before pursuing refinancing options.
Those homeowners who are looking into refinancing can talk with various lenders to see who can offer them the best rate. However, again, not all homeowners can benefit from refinancing and may be unable to obtain a lower monthly mortgage payment if they do. Yet, homeowners who are struggling to make their home loan payments may need to talk with their mortgage lender or consult the Making Home Affordable website for more information on obtaining a home loan modification or other form of mortgage assistance. While there have been troubles in the Making Home Affordable Program, homeowners may benefit from a modification plan or other form of mortgage assistance that is offered from lenders like J.P. Morgan Chase.