Your interest rate for example is 6.00% for the prescribed period.
Lets say you have a 30 Fixed loan and you see a APR interest rate
of 6.35%, this is disclosing that the lender has made additional
monies the first year on fees and other closing costs which by law
must be disclosed. Your interest rate the remaining time, will
yield the the lender the 6.0% . There is no need to apply or take
any other actions on your part. That said I will strongly suggest
that you should double check every aspect of your mortgage
e.g. If a PITI ( Principal + Interest + Taxes + Insurance )
These will breakdown into payments being set aside in escrow
accounts so that the lender is able to pay your Taxes and
Insurance coupled with your Debt Service. So, if you have a
fixed mortgage rate; all you need to do is check annually
that the Lender hasn't made any accounting mistakes.
And believe me, we catch them regularly and I might add
its usually to their benefit.
The only scenario for a loan to go down is if you have a
Adjustable rate mortgage and the index its tied to (example:LIBOR)
goes down during your adjustment period. Currently
it is our position that interest rates are being kept artifically
low by the FED so that the housing crisis doesn't explode
even futher. If you have an adjustable rate mortgage
and you can make a loan modification to fix your rate
I would highly recommend this, it may mean the difference
between a good healthy and worry free home enviroment
versus an anxiety fill rollercoaster ride every time your
loan adjusts. We serve the Sarasota, Bradenton,and Venice
Florida area and can help Florida residents with any further
questions. I've been a Licenced Mortgage Broker and
Real Estate Broker in Florida for ten years.