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Can my mortgage company lower my interest rate? We need to refinance our mortgage to lower our rate but I was wondering if our current mortgage company would actually lower the rate if we ask? We have paid a 7.9% rate for 10 years and have never been late on a payment but things are getting tight and our rate is incredibly high compared to todays standards. Thanks for your help!!

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Answer 1

With Obama's new Homeowner Affordability and Stability Plan, your mortgage company now (effective March 4th) has to work with you to get you the going rate. Check out your mortgage co. website and it should have something right on the main page now. You should be able to apply for a steamline refi, which minimizes many of the typical refinacing fees, as they will still be servicing your loan.

Here is the link for the HOPE program, if you luck!

Answer 2

It is definitely a possibility that your current lender could lower the rate on your mortgage but you may be able to get a better deal on your new mortgage if you shop around.

Here are the steps that you should follow in order to get the best rate on refinancing your mortgage:

- Compile all of your financial information so that you have it ready when working with lenders.

- Contact your current mortgage lender to discuss lowering your rate. If at all possible, set up an in-person appointment to discuss this matter. Ask what the lowest rate that they can offer is but do not sign any deals just yet.

- Shop around among other mortgage lenders. With the changes that are taking place as a result of President Obama's approach to mortgages, companies are currently willing to work with you to get fair rates. Do some comparison shopping to see what the best rates are that are out there.

- If you get a better rate offer from another company, take that back to your mortgage lender and see if they can work with you. The fact that you have a good payment history with them should work in your favor. If so, you may want to stick with the current company. If not, you may want to refinance with a new company.

Make sure that you read all of the fine print as you do this. You want to make sure that you get a good deal on the new mortgage!

Answer 3

You must ask the lender - no one here can say.

Answer 4

We were at 8% years ago, well before the financial nightmares of today. The rates came down and we refinanced for a 20 year at 5.625%. HUGE SAVINGS!

Shop around and have the closings costs rolled into the refinancing.

You can't lower the rate if you don't make some calls and get them fighting for your business.

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