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I keep hearing about all of these people with mortgage problems working with their mortgage companies for better rates. Any way that a good-paying client with excellent credit rating can re-negotiate the mortgage rate? I would like to have a lower rate since rates have gone down. Anyone know anything about this?
If the rates now are lower then your current mortgage you can refinance. Our rate is lower then the current rates but I would love to get a break on the interest rate like those that are having problems. Sometimes it doesn't pay to be responsible .
I've yet to see any "gosh that is better than I could get" rate/terms handed out -- the lenders are not going **** on their good customers to help keep the dead beats' red ink from bleeding over the balance sheet...
I keep hearing about all of these people with mortgage problems working with their mortgage companies for better rates. Any way that a good-paying client with excellent credit rating can re-negotiate the mortgage rate? I would like to have a lower rate since rates have gone down. Anyone know anything about this?
It's called a refinance. As tempting as it is to get on the gravy train, stay away and remember, you never get something for nothing. All these so-called great deals have a price tag. Perhaps you are only hearing the new proposed interest rates and not the conditions that accompany the modification. Chances are since you are paying your mortgage as agreed, you would be one of the first to cry and complain when you saw the cost of the "free ride."
There will always be those that feel they are entitled, and usually, they are the ones that have to learn the lesson the hard way.
Your payoff will be the unrestricted, untethered refinance on your own time-frame, not waiting the 3 to 4 months some of the modification homeowners are experiencing. The rates are poised to come down hard and fast. Start gathering those documents now, so you are ready to move fast.
I just bought a house last year, had 6.75 I called the bank and I can get 5.375 so I'm doing it. I'm dealing with the bank that has my mortgage (local), she explained the costs to me and I still feel like it is something I should do.
I didn't consider checking other places, I like dealing with the local bank and their branches.
I used a great service called InstantLoanModifications.com The site automatically prepares the personalized bank ready documents needed to do a loan modification. They also gave me live help to answer all my questions regarding submission instructions, negotiation tips, etc... It should work for anyone that has above market interest rates and some type of "hardship". The system has sample hardship templates that are customizable and personalized for you. I think they have a 100% Money back guarantee too.
The thing is, I don't want the extra hassle of a re-finance. I just want the bank to give me the better rate because I am a good client. I pay on-time, have no credit card debt etc. Don't good payers deserve some type of perk for being the good guy?
No it is not necessarily called a re-finance. If you stay with the same bank it is not re-financing necessarily. It is a re-negotiation or modification of rates, which would not require a closing. Much simpler process and less expensive than re-financing. It involves you paying a fixed fee for the rate modification and bam, it's done. Much much less stressful...
SG, I called my bank, and their current rate is way too high.... they are not willing to negotiate. other banks make it worth re-financing. Money talks.
You can want all day long but it doesn't mean you are going to get what you want.
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