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Loan refinance vs. modification - which worked better for you?
Been dealing with some mortgage headaches lately and could really use some advice. A while back I looked into refinancing my mortgage, but the closing costs were kinda steep, you know? So instead, I went the loan modification route - less paperwork and no huge upfront fees. It worked out pretty decent for me, lowered my monthly payments enough to breathe easier. But my cousin just refinanced hers and she's raving about how much better it is in the long run (something about lower interest rates and paying off quicker).
Now I'm second-guessing myself a bit, wondering if refinancing would've been smarter after all. Anyone here tried both or have experience choosing one over the other? Curious to hear your stories or if you'd do it differently looking back.
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1 reply
Refinancing usually works better if you're looking long-term (lower rates, shorter payoff), but loan modification can be a lifesaver when upfront costs are tight. Sounds like you made the right call for your situation... wouldn't stress about it too much.