The cost of a loan modification varies depending on the lender and the mortgage or loan you have agreed to. As loan modifications are frequently used on mortgages, they will make up the basis of this article. In many cases, you can adjust your mortgage loan for free! That is fantastic news for those struggling to pay and who don’t want to be hit by additional costs. You can speak to your lender directly or pop into the bank and see if a loan modification is possible.  In other cases, you will be expected to pay a fee. The fee is designed to cover the adjustment cost, necessary paperwork, and the time it takes for the modification to be processed. The fee can vary depending on the lender and how they determine them. It might be calculated as a percentage based on your mortgage or a flat fee which can range from a small fee or cost you thousands.  The modification fee will be listed on any paperwork relating to the modification. It will also be made clear to you when you speak to your lender, allowing you to decide whether or not to proceed with the loan modification. In the cases of mortgages, there is most likely no charge for the adjustment.  When it comes to other loans such as business or personal loans, you are more likely to see modification fees. Again, this varies depending on the loan and the lender. When you first apply and sign for your loan, the fine print should detail any fees you would have to pay if you modify the terms of your loan at any point. If you do not have this information at hand, you can contact the lender directly to find out if there will be a fee attached or not.  If there is a fee attached and it is quite large, be sure to speak to a financial advisor for more tailored advice. They will look at your finances and find alternative methods to allow you to pay what you can afford without incurring unexpected charges. Thankfully, most loan modifications come without a fee, allowing you to make the necessary changes worry-free.