Wells Fargo may be able to offer various options for homeowners who are struggling with their monthly mortgage payment. While there are opportunities in some cases for homeowners to simply obtain a lower payment, there are individuals who are in need of a more affordable home loan payment obligation so as to avoid missed payments in the future.
Traditionally, homeowners who are struggling to make their payments have turned to Wells Fargo home loan modification programs, which are either offered through the Making Home Affordable Program or directly from the servicer. While reports have shown that there have been increasing success in the home loan modification efforts from lenders like Wells Fargo from both Making Home Affordable and proprietary modifications, there are still homeowners who may benefit from options like refinancing.
For homeowners who may be in a better financial position, home loan refinancing opportunities might provide an alternative means with which one may acquire a lower monthly mortgage payment. There are homeowners who have used refinancing for a lower home loan interest rate as a way to reduce the amount they pay on their mortgage each month. While this may cause overall costs to increase, homeowners who are concerned about mortgage payments at the present time rather than the total amount they will pay on their home have benefited from low interest rates that are currently in place.
Yet, these opportunities for a lower monthly mortgage payment typically require that a homeowner be in a specific financial position before they may benefit. This means that homeowners who may be struggling and could qualify for modification may not have the credit score or financial ability benefit from refinancing or meet the costs that come with doing so and homeowners in good financial standing will be unable to qualify for a modification in most cases.
Homeowners who are in need of a modification are often advised to contact their servicer as soon as possible in order to avoid any complications with their home loan payments, but individuals who simply look to refinance may be able to shop around for a lower interest rate offer if they choose to refinance with a different lender.