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Has anyone been able to reduce their existing mortgage rate with BOA? Someone said that if you ask for a reduced rate (with good credit & payment history) that some banks would rather reduce your interest rate than have you refinance with someone else. Refinancing is expensive so we would much rather negotiate with the bank but can't find the decision maker.
Has anyone been able to reduce their existing mortgage rate with BOA? Someone said that if you ask for a reduced rate (with good credit & payment history) that some banks would rather reduce your interest rate than have you refinance with someone else. Refinancing is expensive so we would much rather negotiate with the bank but can't find the decision maker.
I doubt they would reduce their rates. Its possible what someone told you is if you re-fi through them, they will reduce your rates since you used them on the first mortgage loan. Regardless, its impossible to find someone to talk to at BOA that knows what the hell is going on.
The interest rate reduction was mentioned on our local t.v. station as an alternative to refinanciing. Many would say exactly what you said but I know banks can reduce the credit card rate just for the asking if you are a good customer so why not on a residental loan? I wanted to put it out there to see whether anyone had already done it, and if not, maybe we should start telling the banks to have some respect for those of us who did live within our means. My husband should have retired already so paying for refinancing or paying for the higher rates is not a win-win for us. Shame on us for paying our bills. Maybe if enough people start to demand the rate reduction, it might happen.
You can ask. Banks make tons of money on credit cards, even if they charged 0% they would make plenty off the merchants (up to 8%). Everyone should go back to writing checks (like my parents did when I was a kid) and put the credit card companies out of business.
I'm asking whether anyone has experience doing this as I heard that some banks will reduce the interest rate rather than have a paying customer leave for another institution. When I tried with the bank, I got lost in the telephone maze and could only reach the marketing department. The credit card companies/banks hike rates every time the wind changes direction so I know they can do it but they are keeping a well hidden secret.
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