How can we lower our mortgage rate?
Mortgage
Ignacio T asked:
Hi,
I’m wondering what are the options to lowering our mortgage rate. We currently have about a 300,000 dollar loan for our house. However, we have them on two different loans; they’re at 10% and 7% interest. I was wondering what steps we can take to lower these rates. With the economy recessing, it’s becoming harder and harder to pay these bills. I have heard in the news that we can have our mortgage rates lowered up to 5%? Please, if there’s anything we can do, please inform us. Thanks for your help.
Sarah
Hi,
I’m wondering what are the options to lowering our mortgage rate. We currently have about a 300,000 dollar loan for our house. However, we have them on two different loans; they’re at 10% and 7% interest. I was wondering what steps we can take to lower these rates. With the economy recessing, it’s becoming harder and harder to pay these bills. I have heard in the news that we can have our mortgage rates lowered up to 5%? Please, if there’s anything we can do, please inform us. Thanks for your help.
Sarah
May 23rd, 2009 at 4:40 pm
Tanya
If your house appraises for $300K you can refinance with a new mortgage at a much lower rate.. assuming you have good credit.
May 26th, 2009 at 11:33 pm
Anita
refinancing is a good way to lower your mortgage payment and you might want to act now before these crazy rates get higher nad higher and make sure you don’t get an adjustable rate you need to get a fixed rate.
May 29th, 2009 at 12:07 am
Shirley
you have to have probably at least 10-20% equity in your house to be able to refinance. if you bough your house within the last 5 yrs a will less than 10% down payment, chances are you have ZERO equity or negative equity, so you can;t refi