Has anyone ever called there bank and have had them lower the mortgage rates to current rates?

Asked by Elm, Albany, NY Thu Dec 11, 2008

Any suggestions with the lowering rates?

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Gail Gladstone’s answer
Gail Gladsto…, Agent, 11743, NY
Thu Dec 11, 2008
If you are in a desperat situation, loan modification might be one alternative.

If you are just looking to take advantage of the improved mortgage rates, this is called refinancing. Call your lender, they will probably be willing to refinance without typical closing costs because they already hold the mortgage.
Web Reference:  http://GailGladstone.com
1 vote
Jon Huther, , 12208
Mon Dec 15, 2008
WOuld love to help you if your still looking for info on this.
0 votes
Kevin Clancy, Agent, Albany, NY
Thu Dec 11, 2008
Once you lock most banks will not let you float down or even reapply with them with 30 days prior to closing. As indicated I have had several buyers in this position this month with various lenders. To take advantage of new rates you will may have to find a new lender. I had one buyer do this this month and from application to closing it looks like we are getting it done in 14 days.
0 votes
Suena Suen, Agent, Daly City, CA
Thu Dec 11, 2008
Hello Elm,
If you have difficulty in making mortgage payment, you should call your bank's loss mitigation dept and ask for a restructure of your loan. Most of them require a 75% LTV and PITI not more than 33%. Check with them to get their guidelines.
If you just want to refinance, taking advantage of the low interest rate, you can check with lenders and see what program fits you most. You may consider locking for a 30-year fixed.
You can contact me if you want detailed information
Suena Suen
0 votes
Lisa Brodsky…, , Monroe, NY
Thu Dec 11, 2008
Hi Elm,
This is called a Modification. Many banks are doing it now. If you would like to talk personally about it, give me a call 845-401-1448. Are you current with your loan now or are you struggling? Be careful about hiring someone who isn't local or reputable to help you do this. It involves disclosing a lot of personal information. You can of course call your bank directly and try and discuss it with them. You may have a hard time getting to the right person, but it is worth a try. You may have to write a letter of hardship, depending on your circumstances, they may be more or less receptive about working with you. Good luck and do call if you want to talk about your personal circumstances. I do have connections with attorney's that are handling this for people in NY. I would be happy to refer you.
My Best,
Lisa Brodsky
0 votes
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