No one can plan for everything. Sometimes, mortgage rates that seem reasonable at the time of purchase can become unaffordable later, due to an unforeseen shift in your financial situation. Defaulting on a home loan is detrimental to you and your lender; therefore it can be in everyone’s best interest to adjust your Kansas City mortgage rate so you can make your payments on time.
However, since lenders and borrowers want a mortgage to be paid off in a reasonable amount of time, determining when it’s time to modify your mortgage rate is a complex process.
Most instances of mortgage rate modification are to prevent avoidable foreclosures. Therefore, if you are simply having trouble with your mortgage payments, consider changing your lifestyle before rushing to modify your Kansas City mortgage rate.
Fluctuations in the real estate market can cause your property to decline in value while your mortgage rate stays the same. Owing more than your house is worth is frustrating. However, lenders do not often give principal reductions in these circumstances because the housing market:
Not everyone qualifies for a Kansas City mortgage rate modification. However, those who have suffered a severe financial hardship are the best candidates for this process. Examples of “severe financial hardship” include, but are not limited to:
These situations often produce intense financial strain, some of which can be alleviated by modifying your mortgage rate.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
