Posted on: 09th Nov, 2010 09:29 pm
My loan was originally supposed to be 6.5% by my broker, but on the day of signing, (Countrywide during the buyout by Bank of America) my rate suddenly jumped to 7.25%. I was told that this was because of Lender paid mortgage insurance which was not part of the original Good Faith quote. Since then, I have tried to modify my loan through the "Making Homes Affordable" program but have been denied by Bank of America because of the LPMI. I live in Ca where the market has plummeted and my house is worth less than what I owe. What can I do to lower my interest rate?
Hi angeladillon!
Welcome to forums!
You can apply for a normal loan modification with your lender and try to lower your rates. You should contact your lender and inform him about your financial situation and request him to modify your loan. If you meet the required criteria, you'll be able to get a loan modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can apply for a normal loan modification with your lender and try to lower your rates. You should contact your lender and inform him about your financial situation and request him to modify your loan. If you meet the required criteria, you'll be able to get a loan modification.
Feel free to ask if you've further queries.
Sussane