Homeowners with a Wells Fargo home loan may be able to obtain a lower monthly mortgage payment through a variety of home loan assistance programs like modifications or refinancing options. Many have been suffering due to various economic and personal financial strains, and as a result, have been unable to meet their monthly mortgage payment. It’s for this reason that the Obama Administration has instituted the Making Home Affordable Program which lenders like Wells Fargo have been using to provide home loan modifications.
Wells Fargo is one of many of the nation’s top lenders who have been working with homeowners in order to provide them with home loan modifications. Homeowners have been in need of alleviation of their mortgage payments and, since many face foreclosure without assistance, lower monthly mortgage payments have been offered through home loan modification plans.
While not every homeowner has been able to obtain a home modification through the Making Home Affordable Program, there have been alternative assistance plans available both from the Obama Administration’s programs and in-house assistance plans from lenders themselves. While alternative modifications are available directly from many lenders, unemployment mortgage assistance plan and underwater mortgage aid has been offered to homeowners who may not benefit from or qualify for a home loan modification.
Yet, low mortgage interest rates that have been available over the past months have created an environment where certain homeowners have been able to refinance their home loan for a much lower home loan interest rate and monthly mortgage payment. Homeowners who have equity in their home, a good credit score, and can afford the costs of refinancing may be able to take advantage of low mortgage interest rates that are currently being provided by lenders like Wells Fargo.
Homeowners who may be considering refinancing have the option of speaking with a variety of lenders to see who can offer the best refinancing rate on their home loan. On the other hand, homeowners who are in need of a home loan modification are often advised to primarily talk with their mortgage servicer to see what mortgage assistance options may be available for their personal situation. While there have been troubles between homeowners and mortgage servicers, there are sources like the Making Home Affordable website and hotline that are available to homeowners who need additional assistance when going through the modification program or who are having difficulty dealing with their lender.