Here are some of the key benefits:
1. The monthly mortgage expenses must not be more than 31% of a homeowner's
gross monthly income. This gives people a chance to save some money, or clear
off other debts.
2. The interest rates applied on the loan can be decreased to as low as 2%.
This will radically bring down a homeowner's monthly mortgage
payments.
3. The terms and condition to avail a home loan modification have been made
liberal. Earlier, with stringent rules, it was difficult for people with medical
bills, credit card debts, or other debts to get mortgage refinance. However, now
their financial complications will not be a hindrance in getting approval for
refinancing mortgage loans. Even homeowners, who were denied loan modification
in the past, may be permitted one now.
4. People with upside down loans can also get the help of refinancing
through this plan.
5. No closing costs or fees will be applied to homeowners who use this plan
to refinance mortgage.
People all across the U.S. have been encouraged to undertake loan modification in order to stabilize their financial condition. Households should take advantage of this opportunity to the maximum.
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