refinancing a mortgage with a low interest rate now.?

I have a 30yr fixed 4.93% interest on my 140k house, which must currently 130 K. My mortgage $ 1.116 monthly. If refinance, according to several sources, I can reduce my monthly bill to the range of 700-800. How is this possible if I would be refinancing a higher interest rate, around 6%? With my low fixed rate, is there any reason other than a catastrophic event to refinance? Monthly Payment $ 1,116 includes all insurance and taxes. We made a 100% financing, and had to come with about 2k closing costs. We have had this mortgage for 3 1 / 2 years.

Refinancing does not seem a good idea on the basis of the low rate you have. Congratulations to achieve such a good one. You do not mention how long you have had this mortgage. The longer you have it, the less it makes sense to remortgage and you're paying more on principle and less interesting.

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What are the benefits if I resort to a loan company mortgage modification?

I just lost my job of 5 years and has a mortgage of which I am sure you will not be able to pay soon. I am thinking of seeking the help of a mortgage company change loan. Want to know the benefits and I think I can do this by myself. Any help is appreciated.

The benefits of hiring a company loan modification is basically the time-saving research and actually making the loan modification process. Its important to understand that his is not a loan modification service can do, you can not do yourself. If you have extra money and decides to hire a service, then great. The only real benefit is the saving of time and have a knowledge of the industry. It's just a service. For example, a housekeeper. You can clean your home yourself, but its much easier to hire someone to do it for you … (Granted they have experience and can do a better job you can, but its very marginal once you know how do) If you decide to choose a service make sure you hire a legitimate company. In my experience I have seen many owners WAY bieng scammed and losing your home because to a loan modification company scammy. If you choose a good company that can do great things for you. If you decide to do it yourself just keep in mind the loan modification process requires time and patience. You can download a Do It Yourself Loan Modification Kit on the website I have listed in my resource box below. Check if you want to learn more about making a loan modification yourself before deciding to hire a company. Hope this helps .. and good luck!

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