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When to Modify Your Kansas City Mortgage Rate

July 17, 2014 by jWeb Media

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.

If You Can Pay, You Should Pay

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.

Owing More Than Your House is Worth

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:

  • Effects a large number of home owners and they cannot possibly provide a forgiveness of debt to all of them
  • Constantly fluctuates, which can cause your home to be worth more later on

Qualifying a Severe Financial Hardship

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:

  • Prolonged illness
  • On-going disability
  • Temporary unemployment
  • Divorce
  • Death of a spouse

These situations often produce intense financial strain, some of which can be alleviated by modifying your mortgage rate.

Need Help Modifying Your Kansas City Mortgage Rate?

Contact Cornerstone Today for More Information

Filed Under: Blog, Mortgage Rates Tagged With: kansas city mortgage rate, modify mortgage

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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© 2018 · Cornerstone Mortage, Inc · Sitemap ·
Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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