How to Refinance Your Loan Modification

Should you refinance your loan modification? Learn more at myperfectmortgage.com

In the wake of the financial crisis of 2007-2008, many homeowners found themselves in trouble trying to make ends meet and paying their mortgage payment. As a result, Fannie Mae, Freddie Mac and several government programs offered loan modifications.

However, nearly a decade later I’m getting lots of questions about whether or not these loan modifications still make sense. Or, if you can actually refinance them or get a new mortgage in the future.

The simple answer is that generally you can refinance or get a new mortgage after a loan modification. Unlike a foreclosure or bankruptcy, there is no ‘waiting’ period before you can get a new loan—per say.

However, lenders will be looking for 12 months of ‘good’, on-time mortgage payments to refinance and 24 months of mortgage payments to approve you for a new loan. But, in general, if you can qualify for a mortgage then the loan modification won’t be a problem.

Learn more about refinancing or getting a new mortgage after a loan modification here: myperfectmortgage.com/refinance-loan-modificati…