What is a loan modification on a mortgage and how is it different from refinancing?
With a loan modification, instead of looking for a new loan you will just simply modify the terms of you existing mortgage.
Answered
by Kalven M.
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About Loan
A loan is a financial agreement between a lender and a borrower. In most cases, a sum of money is given with a set interest rate attached to it. Common types include business and personal loans.
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