As mentioned already, refinancing is most likely the best way to reduce your payment and hopefully rate as well. However, most investors will allow a one time option to recast your mortgage payment based on your current principal balance. Assuming your balance is lower, or you plan to put a large principal payment onto the mortgage, you can recast the payment to be calculated on your current balance. The cost is usually $200 to re-record the mortgage with the county.
Before contacting your current servicer, you should contact a Mortgage Loan Officer to determine if your rate, or mortgage program can be approved as well. Feel free to contact me if you would like to explore your options. Good luck!... more