Can I lower my interest rate if I already own a mortgage on a home?
I already own a condo, with 5.50% interest rate. I keep audible range how interest rates are dropping to as low as 3.825%. Is it possible for me to get my interest rate lowered?
Answers:
You don't hold to do a refinance. Call and ask your mortgage lender if they will do a loan modification. Source(s): Oregon Realtor
I'm trying to do impossible to tell apart thing. But it might cost you a lot surrounded by upfront fees and closing costs if you do a traditional refinance. Did you buy with an FHA loan? Ask or find a bank who will do an "FHA streamline refinance loan." Its greatly cheaper and there's no need for an appraisal of your home, credit check, or income verification. The desire of an FHA streamline refinance option is purely to get a lower interest rate, zilch more.
http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm Source(s): http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm
Yes, you have 2 option. You contact your current lender and ask if they will do a rate-reduction refinance. They already have all your paperwork and they enjoy a record of your on-time payments.
Or you go to a unmarked company and start the process from scratch. They pay past its sell-by date the old loan.
Rates today are a little over 5%..
depending on what you owe, you can get a better rate than that.
Call your mortgage company and ask their rate, and afterwards go out shopping for a new rate.
Yes. It's called "refinancing". Might be tough to do right now, depends on how much you still owe, how stable the values contained by your neighborhood have remained, and how aggressive the particular dune or loan broker you go to are.
Only by refinancing.
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Answers:
You don't hold to do a refinance. Call and ask your mortgage lender if they will do a loan modification. Source(s): Oregon Realtor
I'm trying to do impossible to tell apart thing. But it might cost you a lot surrounded by upfront fees and closing costs if you do a traditional refinance. Did you buy with an FHA loan? Ask or find a bank who will do an "FHA streamline refinance loan." Its greatly cheaper and there's no need for an appraisal of your home, credit check, or income verification. The desire of an FHA streamline refinance option is purely to get a lower interest rate, zilch more.
http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm Source(s): http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm
Yes, you have 2 option. You contact your current lender and ask if they will do a rate-reduction refinance. They already have all your paperwork and they enjoy a record of your on-time payments.
Or you go to a unmarked company and start the process from scratch. They pay past its sell-by date the old loan.
Rates today are a little over 5%..
depending on what you owe, you can get a better rate than that.
Call your mortgage company and ask their rate, and afterwards go out shopping for a new rate.
Yes. It's called "refinancing". Might be tough to do right now, depends on how much you still owe, how stable the values contained by your neighborhood have remained, and how aggressive the particular dune or loan broker you go to are.
Only by refinancing.
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