Posted on: 21st Sep, 2012 07:30 am
i have paid on my mortgage and 8.25 % for 12 years and though i have had a lot of late payments, i am current. i have had bankruptcies wehich are all clowed, and have a good income. my house is worth $110,000, and i owe less than 40,000. my income is good and stable. is there anyone who will lower my mortgatge?
Hi roysundstrom,
You haven't mentioned what your credit score is like. With a poor credit, it will be difficult for you to lower your present mortgage interest rate. If you have a credit score of around 700, then you may contact the local lenders and try refinancing. If that does not help you get a refinancing, then you will have to try and improve your credit score and then contact the lenders.
You haven't mentioned what your credit score is like. With a poor credit, it will be difficult for you to lower your present mortgage interest rate. If you have a credit score of around 700, then you may contact the local lenders and try refinancing. If that does not help you get a refinancing, then you will have to try and improve your credit score and then contact the lenders.
If you have a good credit score, you may request your mortgage lender to lower the interest rate. But, if your credit score is poor, you need to take the necessary steps to improve your credit score. The lender will not agree to reduce the interest rate on your loan if your credit score is bad because there are high chances that you may make default in repaying the loan amount.