Posted on: 01st Apr, 2009 06:55 am
trying to lower mortgage payment.I pay 1650.mo including taxes, have 30 year fixed loan
hi
to lower the interest rate, you can go for a refinance, provided you have a decent equity in the home. otherwise, a loan modification could be a good option for you. you need to send the lender a hardship letter and explain them why you will not be able to make payments at the current interest and how you think a lower interest rate help you be current with future payments.
to lower the interest rate, you can go for a refinance, provided you have a decent equity in the home. otherwise, a loan modification could be a good option for you. you need to send the lender a hardship letter and explain them why you will not be able to make payments at the current interest and how you think a lower interest rate help you be current with future payments.
You can do a Rate & Term refinance, meaning you will not be netting any cash from the deal. The loan is strictly to lower your payment. A modification is only an option IF there is a hardship. It is not for any homeowner just looking for a lower payment. Pending you have been on time with the current loan, you should not have a problem. We just had the bill passed to offer homeowners "rate & term" refinances up to 105% of the homes value. Reason being the fall of the market and home values continous decline. So if you're "under water" currently with your mortgage, you are now able to get an extremely low rate while it is available. I hope this helps!!
I think you have the perfect loan for your selves so carry along well
come on now, chtnggd; cut it out.
