to lower my interest rate do I have to refinance?
I bought my first home in September 2008 and got a 7% interest rate. I have never been delinquent on a payment or missed a payment and I'd like to have my rate lowered. Do I just call my mortgage company and ask for their policy or will I need to go through the whole refinance process? My house is worth less now than when I bought it so I'm worried I wont qualify for refinancing, however my payments are manageable, and I have a steady job. Any advice?
Asked By: love-a-bull - 7/6/2009
Best Answer - Chosen by Asker
Call your mortgage company and ask them if they have any kind of "streamline" program that can lower your interest without actually all the expense of refinancing... More
Answered By: glenn - 7/6/2009
Additional Answers (3)
You most likely will need to refinance.
Answered By: Alterfemego - 7/6/2009
Generally, yes. If by any chance you have an FHA loan, look into the FHA "Streamline" refi option.
Answered By: jlf - 7/6/2009
Yes, you go through the whole mortgage process again. AND re-pay all the closing fee's. Your home being worth less is a problem, and because you are making all your payments on time, you don't qualify for any government help ( your home is not in jeopardy )....people had to be irresponsible to get the governments... More
Answered By: jonny j - 7/6/2009
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
New job opportunities added daily. Search Virginia jobs now!
Shop Online or Sign Up To Sell AVON & Earn Fast Cash Today!
Free for Job Listers and Job Seekers!
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.