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Company Loan Type APR Est. Pmt.

How to Refinance my loan with low interest

Posted on: 13th Apr, 2009 03:52 pm
I am current on my loan with Country wide and I am trying call them to aks them to see if they can adjust my rates or change my loan from interest only to Principal + Interest with interest reduction.

Called so many times and its been so much pain.

Can I get some suggestion on how to get aound it.
Hi, How long have you had the loan? If your current i dont see why they will not refi the loan... If you have good credit i dont see a problem with refi to a lower interest or a diff type of loan.
Posted on: 13th Apr, 2009 07:33 pm
hi rajhome,

did your lender refuse to refinance your loan? i appreciate that you are current on your loan. however, apart from being current on your loan, your property should also have equity and you should have a good credit score. if you do not fulfill these criteria, the lender may not refinance your loan.

thanks
Posted on: 13th Apr, 2009 07:38 pm
No Eqity in the house thats the big problem.

This is my 80% loan and the rest is the 20%

I am trying to finace the 80%. and the property is down by atleast 20%
Posted on: 13th Apr, 2009 07:41 pm
Hi k_s_rajeev,

As there is no equity in the property, it would be difficult for you to refinance it. Lender's won't refinance the property in such a case. You can try for a loan modification in this situation. You'll have to negotiate with the lender for modification. However, as you are current on your mortgage payments, the lender may not consider your request.
Posted on: 14th Apr, 2009 12:05 am
Well maybe you should try out other options. One great site I found was cleanoutbadrates.com. It is a site for people who wants to get loans/refinance. All you need to do is complete a request and you are contacted immediately about the best loans. It's free also- pretty nice.
Posted on: 14th Apr, 2009 11:39 pm
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