Tuesday, October 24th 2017

Question

What is the difference between refinancing and loan modification?

Interesting Question?   (5)   (9)



Answers (2)

11th Nov 2009 by Burt Carlson

Refinancing is paying off your current lender by borrowing from that lender or finding another lender. A loan modification is the changing of the original terms of the loan to reduce the payment to a more affordable level. In today's world refinancing is more difficult because the qualifying standards are more strict and many homeowners owe more than their home is worth. On the other hand doing a loan modification can save homeowners 25-35% of their current payment yet they can still be upside down in their home. Check with your lender to see if you might qualify for a loan modification.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com
28th Oct 2009 by Gary

Refinancing is simply taking out a new loan, from which you would pay off the old loan on the home. Loan modification involves changing the terms of the existing loan in order to help someone be able to keep the home while affording to pay the mortgage.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



27th Oct 2009 In Finance 2 Answers | 2120 Views
Subjects: loan modification, refinancing,

Answer This Question / Give Your Opinion
What is the difference between refinancing and loan modification?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
Can i get a loan without a bank account?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
Can i get a loan without a bank account?
Unanswered Questions in Finance
Can a debit card be used as a credit card?
Debt free now what?
What are different types of personal loans?
Can i refinance a car loan?
What is a Fixed Rate Secured Loan?

Answered Questions in Finance
What is short term financing?
What is mortgage lending?
What do finance companies do?
Where can i get a loan fast?
What are the different types of consumer finance?
Ask A Question
Get opinions on what you want to know:
Specific to any country?