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Refinance Purchase Home Equity

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Can I Lower The Interest Rate On My Current Mortgage?

By Ann White

You CAN lower the interest rate on your current mortgage! Our information will show you how.

Know the National Rates

First of all, be informed. To lower the interest rate on your current mortgage, you need to know all the facts. Go online or look in financial magazines and check what is the latest national interest rates. These rates will fluctuate. If your loan was made at a higher rate than the current national rate, you have reason to ask for a lower rate on your current mortgage.

Build Trust With Your Lender

A good relationship with your lender will go a long way to get the interest rate on your current mortgage lowered. This involves paying on time or paying extra on the principle. With today’s economy, this can be difficult if not impossible. However, communicating with your lender will work wonders. Let them know you’re really trying to stay current, but would appreciate getting a lower interest rate on your mortgage. This leaves the opportunity for discussion about how this might be accomplished.

ARM or Fixed Rate

Adjustable rates mortgage (ARM) is based on short-term financial scales. Some of these rates adjust every six months or even every three months. Look into what the lowest rate was and ask to switch to a fixed rate at that lower figure.

Refinancing

If you have been locked into a certain fixed rate, and your want to lower the interest rate on your current mortgage, your best option is to refinance. Before meeting with your lender, shop around to see what other lenders can offer. Your lender will be more interested in dealing with you if they know they have competition. Armed with this knowledge, you can lower the interest rate on your current mortgage and get those payments down!

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