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The short answer is that most loans are serviced by firms that don’t own the loan, and owners do not give mortgage servicing agents the discretion to modify the rate. When market interest rates drop, a lender would rather drop the rate on a fixed-rate mortgage in good standing than lose it to another lender through a refinancing.
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Modification is typically an option for borrowers who are unable to refinance, but it might be possible to replace your existing loan with a brand new one. A new loan might have a lower interest rate and a longer repayment period, so the result would be the same-you’d have lower payments going forward.
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Loan Modification vs Refinancing. With loan modification, however, the lender simply modifies the existing mortgage so that the payments are more affordable. mortgage refinancing is a permanent solution for lowering one’s monthly mortgage payment, because it locks a lower interest rate for the remaining loan term.
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A loan modification is different from refinancing. Refinancing entails replacing your loan with a new mortgage, whereas a loan modification changes the terms of your existing loan. This could mean extending the length of your term, lowering your interest rate or changing from a variable interest rate to a fixed-rate loan.
Similar to assuming the mortgage, refinancing will completely remove the other. If a loan modification is approved, the other spouse will be.
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A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn’t pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.
A loan modification is an adjustment to the terms of the borrower’s existing loan, often for a short period of time to help the borrower get back on their financial feet, but the original loan is still in place. It’s the option borrowers tend to turn to if they cannot refinance their existing mortgage.