Homeowners with a J.P. Morgan Chase home loan are, like many other homeowners, seeking ways to lower their monthly mortgage payments in order to gain more affordability in their home loan. There are some homeowners who are looking for ways to lower the overall home loan costs they may meet when they have completely repaid their mortgage debt, but other homeowners who are still struggling financially are simply looking for the means to lower their monthly mortgage payments to an affordable level.
Yet, Chase homeowners do have options which may help them find the affordability they seek in their home loan as many financial institutions are offering their homeowners options likely refinancing and modifications as a way to lower home loan costs. Obviously, the availability of these options will depend on a homeowner’s situation, for the most part homeowners may either have the option to refinance their mortgage or modify their home loan to a more affordable level.
Understandably, homeowners may have limited refinancing options if they are in a difficult financial position. However, homeowners who have been able to take advantage of refinancing are those who have typically been in a decent financial position, meaning they have a good credit score, have equity in their home and can’t afford the costs that come with refinancing. While homeowners with Chase, for instance, are not required to refinance with their primary servicer, and there have been some advisers who often suggest that homeowners shop around in order to get the lowest rate if they feel refinancing is right for them, but homeowners must generally look at their personal financial situation to make sure they can benefit from refinancing.
Obviously, getting a lower mortgage interest rate may be available to some homeowners, but the decrease in their home loan interest rate for refinancing may be minimal and when refinancing costs are factored in, some homeowners have found that it is simply not in their best financial interest to refinance.
However, homeowners in a difficult financial position, meaning those who run the risk of missing mortgage payments or are facing troubles with their job are usually those who turn to their servicer for a home loan modification. Chase is one of the many financial institutions who not only provides federal mortgage modification assistance through the Making Home Affordable Program, but they also offer homeowners the option, in certain cases, to receive a proprietary modification.
While refinancing and modifications for Chase homeowners are common among many financial institutions, these opportunities are only available to homeowners in specific situations, meaning that a homeowner who may qualify or benefit from refinancing will be unable to qualify for a home loan modification and vice versa. Yet, homeowners unsure of which route they should take do have opportunities to speak with certified housing counselors, like those approved by the Making Home Affordable Program, or more commonly, homeowners simply contact their mortgage servicer to inquire about options for their personal mortgage situation.